Procore Technologies is a provider of construction and workflow management cloud based software, aiming to bring construction into the digital age.
- Construction is an industry with on of the lowest technology adoption rates in the market. According to McKinsey, construction is one of the least digitised sectors in the world despite accounting for about 13% of global GDP.
- Procore software helps connect all members of the construction process. To solve the problem of having to get all participants to pay for the service, Procore does not charge on a per-seat basis but charges the contractor according to the estimated dollar value of the project. This enables the contractor to invite all members of the construction process to download the app for free.
- Due to overall high demand for building, many companies are facing backlogs and efficiency on the job site is becoming more important than ever. This means leveraging technology and Procore is the leader in the space.
- The opportunity for Procore could only materialise in 2011 with the introduction of iPads to worksites so this market and the opportunity is relatively new.
- Procore provides it software for education purposes to 85% of construction management universities in the US.
- Founded in 2002 by Tooey Courtemanche, who is currently CEO.
- Procore operates in 9 countries.
- The stock is a recent IPO. First quarter reports show $123M in revenue, 27% rise Yoy.
- Customer count: 11,149, 19% higher than last year.
- Market Cap is at $11B.
- I like the founder/CEO. I like that this is very early stage. I like that there's no real competition and I like the tailwinds of a booming construction market.
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