Procore Technologies, Inc. (Procore) is a global provider of cloud-based construction management software.
The company focuses exclusively on connecting and empowering the construction industry’s key stakeholders, such as owners, general contractors, and specialty contractors, to collaborate and access the company's capabilities from any location on any internet-connected device.
The company's platform is modernizing and digitizing construction management by enabling timely access to critical...
Procore Technologies, Inc. (Procore) is a global provider of cloud-based construction management software.
The company focuses exclusively on connecting and empowering the construction industry’s key stakeholders, such as owners, general contractors, and specialty contractors, to collaborate and access the company's capabilities from any location on any internet-connected device.
The company's platform is modernizing and digitizing construction management by enabling timely access to critical project information, simplifying complex workflows, and facilitating seamless communication among relevant stakeholders, all of which positions it to serve as the system of record for the construction industry. The company is also continuing to develop other programs and services to address related challenges faced by the construction industry’s key stakeholders. Adoption of the company's products, services, and platform helps its customers increase productivity and efficiency, reduce rework and costly delays, improve safety and compliance, as well as enhance financial transparency and accountability.
In short, the company builds the software for the people that build the world.
The company has established its leading market position by focusing on serving the unique needs of the construction industry. The company works directly with stakeholders to develop the products and services they need, as well as to provide high-quality support, available to all users at no additional charge. The company's four integrated product categories—Preconstruction, Project Execution, Resource Management, and Financial Management—automate workflows, provide timely visibility, offer advanced analytics, and support collaboration across key stages of the construction project lifecycle. Each of the company's products can be accessed from the office or the jobsite on computers, smartphones, and tablets, enabling users to work wherever the job requires. Platform capabilities, such as the company's open application programming interfaces and the application marketplace, allow customers to integrate the company's products with their internal systems.
The company offers over 500 integrations, including accounting, document management, and scheduling software, which provide its users with choice and flexibility, and demonstrably increase the stickiness of the company's platform as it aims to become the construction industry’s system of record. The company's customers range from small businesses managing a few million dollars of annual construction volume to global enterprises managing billions of dollars of annual construction volume. The company's core customers are owners, general contractors, and specialty contractors operating across the residential and non-residential segments of the construction industry. The company's customers rely on its platform to help run their businesses more efficiently and safely, with enhanced collaboration and accountability among key stakeholders. The company generates substantially all of its revenue from subscriptions to access its products.
The company is highly focused on continuing to acquire new customers and expand existing customers’ use of the company’s platform to support the company’s long-term growth. The company intends to efficiently drive new customer acquisitions by continuing to invest across the company’s sales and marketing engine to engage the company’s prospective customers, increase brand awareness, and drive adoption of the company’s products, services, and platform. As of December 31, 2024, the number of customers on the company’s platform was 17,088.
The company's ability to generate revenue, continue to grow its business, and serve the broader needs of the construction industry depends on its ability to efficiently acquire new customers, retain existing customers, expand their use of its products, services, and platform, and maintain or increase the pricing of, and value provided by, its products and services. The company drives new customer acquisitions by investing across its sales and marketing engine to engage prospective customers, increase brand awareness, and drive adoption of its products, services, and platform. The company drives the retention of existing customers and expansion of their use of its products, services, and platform by focusing on its customers’ success.
Platform
The company's platform is built to be modern, intuitive, and open, with a modular and extensible architecture that not only includes the breadth and depth of functionality of its own products, but also integrates with third-party applications and its customers’ own customized applications. The company offers a broad set of product solutions that it primarily monetizes through subscriptions. The company also supports and enhances its customers’ use of these product solutions with a comprehensive set of platform capabilities.
Preconstruction: The company's Preconstruction products, including Estimating, Bid Management, 2D/3D Takeoff, Design Coordination, and Prequalification, facilitate collaboration between internal and external stakeholders during the takeoff, planning, budgeting, estimating, bidding, design, and partner selection phases of a construction project. The company's products are designed to help reduce financial and operational risk across key stakeholders before construction begins.
Project Execution: The company's Project Execution products, including Project Management, Quality, Safety, Field Scheduling, and Closeout, connect construction project teams by helping to ensure project information is aggregated in an up-to-date cloud-based platform, available to all project participants, and accurate so that work on the jobsite is completed correctly and safely. These products enable collaboration, information transmission and storage, as well as safety regulation compliance for teams on the jobsite and in the back office. Users have the ability to log critical information, track project progress, and escalate issues for approvals from the correct team members. They can also identify, understand, and proactively resolve the causes of issues and risky behaviors before they result in an injury or accident.
Resource Management: The company's Resource Management products, including Field Productivity, Workforce Planning, Equipment Management, and Materials Management, help customers schedule, track, and forecast workforce and equipment productivity, improve time management, communicate more efficiently with their workforces, optimize procurement and movement of materials, as well as better manage profitability on construction projects. By using these products, customers can create detailed productivity records that can be referenced during the bidding process.
Financial Management: The company's Financial Management products, including Project Financials, Accounting Integrations, and Procore Pay, provide customers with visibility into the financial health of their individual construction projects and portfolios, facilitate untethered access to financial data, and support payments between key stakeholders. These products improve cost management, invoice collection, review, and approval, as well as budget forecasting and tracking. The company's platform also supports integrations with a majority of the industry’s preferred accounting systems to minimize data entry errors. The company's Procore Pay solution handles all aspects of the payment process between general contractors and subcontractors via a single system that promotes visibility and transparency for tracking payment requirements and automates the exchange of lien waivers.
Platform Capabilities
The company's platform features a number of capabilities that underlie its product solutions and enable it to launch new products and services, as well as increase the breadth and depth of its existing products and services. The company's broad range of platform capabilities support the diverse needs of the different personas that use its products and platform. In order to create a centralized hub for construction project information, the company has developed an extensible platform that connects its customers’ business applications, people, devices, and data. The company's platform capabilities include:
Artificial Intelligence (AI): The company is developing capabilities that will allow customers to leverage AI in its platform to help increase productivity, reduce risks, and deliver projects on time and within budget. The company's AI platform capabilities include Copilot, an AI-powered assistant that acts as a central hub and conversational interface enabling users to interact with and retrieve project-specific information and status, as well as Insights, which analyzes industry, company, and project data within the company's platform in order to provide timely and contextual advice to users by identifying trends and predicting potential project risks.
Analytics: The company's platform gives customers the ability to generate deep insights from aggregated data across all projects, various products, and integrated accounting software. Customers can track trends and conduct analysis using pre-built reports, all of which are customizable to suit individual customer needs.
Building Information Modeling (BIM): The company's platform enables all users in the field to view and collaborate on 3D models, which allows project teams to more efficiently plan and construct their projects. Field workers can access project models quickly, with an easy-to-use navigation interface that ties 3D models to drawings. Users can bridge the gap between 3D modeling and 2D documentation and enhance accuracy by generating 2D drawings or views directly from 3D models. These capabilities improve decision-making and reduce rework by ensuring that work is coordinated and installed correctly the first time.
Collaborations: The company's platform allows users to connect projects across accounts and share project information with other team members. The company's Collaborations platform capabilities include Connectability, which helps customers streamline construction projects, enhance productivity, and reduce errors by syncing the latest drawings across projects and teams, as well as storing project information in one place.
Document Management: The company's platform allows customers to safely store, access, and share project documents. Users can quickly upload revisions to drawings and specifications to help ensure that project team members have up-to-date project information, whether they’re working in the field or in the office.
Ecosystem: The company's Ecosystem platform capabilities enable its App Marketplace, which helps customers enhance their use of its products with third-party integrations, connecting critical business workflows and processes, and allowing customers to maintain a single system of record while leveraging software solutions that provide an array of functionality. The company's App Marketplace houses over 500 integrations, including those to other construction software technology companies.
Enterprise Flexibility: The company's platform offers configurable fields and forms, improving the degree of precision with which customers can track data and secure documentation. It also allows customers to create designated workflows to match the approval sequence and processes that are appropriate for their businesses. In addition, the company's platform provides comprehensive user permission functionality. Permissions define who has access to certain project and company-level information. By default, the company provides customers with several role-based permission templates, and these permissions are configurable down to the tool access level by user.
Maps: The company's platform allows customers to visualize construction data by storing and viewing photos of their active projects on an interactive map. Users can filter the items on a map with the help of GPS data.
Zones: The company's platform provides regional locations for its global cloud infrastructure that allow customers to store and manage their data locally, closer to their business, while driving availability, observability, and reliability.
Core Customer Stakeholders and the Benefits Provided by the company’s Platform
The company serves customers ranging from small businesses managing a few million dollars of annual construction volume to global enterprises managing billions of dollars of annual construction volume. The company's core customers are owners, general contractors, and specialty contractors operating across the residential and non-residential segments of the construction industry.
The company's ability to deliver products and platform capabilities that address its customers’ specific needs, including by enabling streamlined communication and timely access to data, is essential to driving increased productivity and efficiency, reducing rework and costly delays, improving safety and compliance, as well as enhancing financial transparency and accountability.
Owners
The company helps owners save significant time and money by providing financial and operational visibility into their projects. It is critical for owners’ bottom lines that they remain informed of what work has been completed, when it was completed, and what specifically was built or installed. Not only is this information crucial for ongoing projects, but it is also necessary for long-term asset management, as the underlying data allows for more efficient, effective, and predictive maintenance.
General Contractors
The company has developed a cloud-based platform to allow general contractors to manage their projects from a smart device in their hand, with the intention of facilitating exceptional teamwork, reducing costly rework, mitigating risk, and improving profit margins.
Specialty Contractors
The company’s platform features intuitive, easy-to-use tools that allow specialty contractors to leverage accurate, timely information, reduce unnecessary data entry, visualize productivity trends, document completed work, and get paid the correct amounts faster.
Business Model
The company generates substantially all of its revenue from subscriptions to access its products and has an unlimited user model that is designed to facilitate adoption and maximize usage of its platform by all project stakeholders. The company primarily sells its products on a subscription basis for a fixed fee, with pricing generally based on the number and mix of products and the annual construction volume contracted to run on its platform.
As the company grows, the value of the company’s business will increase across three key dimensions:
Network: The company’s business model is designed to encourage rapid, widespread adoption by allowing for unlimited users, meaning that the company does not charge a per-seat or per-user fee. Customers can invite all project participants to engage with the company’s platform as part of a project team, including customers’ employees and collaborators, who are other project participants who engage with the company’s platform but do not pay the company for such use. Thereafter, collaborators have an incentive to become customers so that they can manage their complete portfolio of projects on the company’s platform, use the company’s products to improve their business processes, and maintain ownership of project data.
Products: The company’s expertise in construction and close relationship with its customers and collaborators enable it to deliver easy-to-use and feature-rich products, specifically tailored to solve the problems of the industry’s key stakeholders and help them manage their businesses more effectively. The company's products are offered à la carte and are integrated into its cloud-based platform. The company's customer support team provides live support to all users at no additional cost, as well as numerous online resources. The company also provides optional professional services at an extra cost to support customers who are implementing new product solutions or who need ongoing guidance with their product subscriptions.
Data: The company's platform captures extensive data across stakeholders and each stage of a project, which enables it to create a system of record for all stakeholders and to analyze project and industry trends. The company's platform captures data encompassing bidding, safety, cost, quality, scheduling, materials, supplier information, and other types of data.
Growth Strategy
The key elements of the company’s strategy are to maintain and advance its technology leadership; acquire new customers; increase and diversify spend within the company’s customer base; expand internationally; extend the company’s industry connectivity and its position as a trusted brand; and pursue targeted acquisitions.
Sales and Marketing
The company primarily sells subscriptions to access its products through its direct sales team, which is specialized by geography, followed by size and type of stakeholder, and is serviced regionally by offices in the U.S., Canada, Australia, England, the United Arab Emirates (UAE), and Ireland. As a result of the company's international efforts, it supports multiple languages and currencies.
The company focuses its marketing efforts on product innovation and value, domain expertise, and community-building. The company reaches potential customers and generates leads for its sales team through a combination of content marketing, public relations, advertising, sponsorships, digital marketing, partner marketing, social media, community initiatives, and events. The company delivers multi-touch marketing efforts across all stages of the customer journey, from awareness and consideration to purchase, retention, and advocacy. Marketing activities are connected to the company's sales pipeline, resulting in product demonstration requests and sales opportunities. As a key part of its brand-building efforts, the company hosts industry events. Its engagement with these leading industry events affords it the ability to connect directly with its customers, collaborators, and the broader construction industry.
Intellectual Property
As of December 31, 2024, the company had 80 issued patents in the U.S. and 93 pending patent applications in the U.S. Additionally, the company had 3 issued patents in foreign countries and 28 pending patent applications in foreign countries, as well as 6 pending international patent applications that preserve the company’s right to file additional foreign patent applications in the future, as of such date. The company’s issued patents in the U.S. will expire between 2034 and 2043.
The company has trademark rights in its name, logo, and other brand indicia, and has trademark registrations for select marks in the U.S. and many other jurisdictions around the world. The company also has registered domain names for websites that it uses in its business.
Government Regulations
The company is subject to a number of U.S. federal and state, as well as numerous foreign, laws and regulations that involve matters important to its business, including in connection with its pursuit of Federal Risk and Authorization Management Program (“FedRAMP”) authorization.
History
Procore Technologies, Inc. was founded in 2002. The company was incorporated in 2002 and reincorporated in Delaware in 2014.
