Procore announces $845M buy
Carpinteria-based Procore Technologies is beefing up its AI capabilities by announcing the acquisition of DroneDeploy for approximately $845 million in cash.
Announced July 29, DroneDeploy is a robotics and visual intelligence platform for the built world, used on over 3 million job sites across more than 180 countries. Procore said in the press release that DroneDeploy’s visual information, when combined with Procore AI, will create visual data that “can be translated into information and observations that can drive autonomous action within Procore.”
This new layer of visual intelligence is the next step in Procore’s AI journey, the company said in a press release.
“I am very excited to bring DroneDeploy’s outstanding team, technology and track record of customer success to Procore,” said Ajei Gopal, President and CEO of Procore. “Once the acquisition closes, we plan to immediately cross-sell DroneDeploy’s solutions into our broader customer base and vice versa. For the longer term, adding DroneDeploy’s technology into the Procore platform will enable us to accelerate our AI strategy and deliver digital coworkers that track what’s happening on a project, make sense of it, and then take action to change the outcome.”
The transaction is expected to close before the end of this year. Goldman Sachs & Co. LLC is serving as the exclusive financial advisor to Procore on the transaction, and Citi is serving as financial advisor to DroneDeploy.
