Procore announces second recent acquisition
Procore Technologies secured its second acquisition in as many months when the Carpinteria-based construction software company announced on Oct. 22 it had acquired LaborChart.
Financial details were not disclosed for this deal, and a timeline of when it would close was also not provided. Procore did say, however, that the acquisition would not have any effect on its fiscal year 2021 numbers.
Procore closed the week at $100.45 a share, down about 4.2% on the day, but up 7% from Oct. 18.
LaborChart, which is based in Kansas, is a provider of workforce management software for specialty contractors and self-performing general contractors, and helps Procore deepen its presence in that market.
“Construction is facing a global labor shortage, with contractors struggling to find skilled workers. This makes it critical to efficiently manage existing workforces,” Tooey Courtemanche, Procore’s founder and CEO, said in a news release. “With the addition of LaborChart, Procore will be able to provide a complete workforce management solution that helps contractors optimize their workforces, maximize productivity, and take on more projects. The days of relying on spreadsheets and whiteboards are over.”
This is Procore’s second acquisition in the last 30 days. On Sept. 23, the company announced it would be purchasing New Orleans-based LevelSet for $500 million. That was the company’s first acquisition since going public and the largest in company history, Procore executives said during a conference call on the pending acquisition.
The LevelSet deal is expected to close in the fourth quarter of this year, with D.A. Davison acting as the exclusive financial advisor and Jones Walker LLP acting as the legal counsel for Levelset.
Levelset’s big addition to the Procore platform will be lien rights management, enabling Procore to manage complex compliance workflows and improve the payment process in construction.
“The acquisition of LaborChart, along with our recently announced agreement to acquire Levelset, adds complementary insights to Procore’s robust construction industry dataset. By combining project data, workforce data, and risk intelligence, customers can access a more complete view of the construction process that will help them build smarter,” Courtemanche said.