Procore Technologies, Inc. has completed its acquisition of Levelset, strengthening its position as a leading provider of construction management software. This acquisition will add lien rights management to the Procore platform, enabling Procore to manage complex compliance workflows and improve the payment process in construction. It also presents future growth opportunities for Procore, including capitalizing on the companies’ complementary data assets.
Procore Founder, President and CEO Tooey Courtemanche said, “Getting paid on time should not stand in the way of successfully and efficiently completing projects. With Levelset’s best-in-class team and technology on board, we’ll be able to offer our customers the ability to easily navigate the complex processes that come with securing lien rights and payments.”
“Now that we are officially a part of Procore, we’ll be able to accelerate our mission of reducing the compliance burdens and payment delays for all players involved in a construction project,” said Levelset CEO Scott Wolfe, Jr. “We’re excited to bring unparalleled innovation to one of the most vexing and time-consuming elements in the industry today.”
Courtemanche added, “This acquisition, coupled with our recent acquisition of LaborChart, adds complementary insights to Procore’s robust construction industry dataset. Through the integration of project and labor data, along with risk intelligence, customers can improve the construction process from start to finish.”
Details Regarding the Acquisition
Procore acquired Levelset for a purchase price of approximately $500 million, consisting of approximately $425 million in cash, subject to customary adjustments for working capital, transaction expenses, cash and indebtedness, and approximately $75 million in Procore common stock. Additional details and information about the terms and conditions of the acquisition will be available in a current report on Form 8-K and in Procore’s Quarterly Report on Form 10-Q for the quarter ended on September 30, 2021, in each case to be filed by Procore with the Securities and Exchange Commission, as well as in last month’s announcement.