Procore to acquire Levelset for roughly $500M » 16:0609/2209/22/21
Procore Technologies has…
Procore Technologies has signed a definitive agreement to acquire Levelset. 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 and CEO Tooey Courtemanche said, "Construction work is hard enough - getting paid shouldn't be. Levelset helps the construction industry get paid faster, and their offering will be a perfect addition to the Procore platform. This acquisition will also give Procore access to industry data, including payments and compliance activity, allowing us to deliver valuable risk intelligence to our customers, and to develop innovative financial products." Procore has agreed to acquire Levelset for a purchase price of approximately $500M, which will consist of approximately $425M in cash, subject to customary adjustments for working capital, transaction expenses, cash and indebtedness, and approximately $75M in Procore common stock. The closing of the transaction is anticipated to occur in the fourth quarter of this year and is subject to customary closing conditions.
|Over a week ago|
Procore enters partnership with Associated Builders and Contractors » 08:1309/0909/09/21
Associated Builders and…
Associated Builders and Contractors and Procore announced a partnership that provides ABC chapters and members exclusive discounted pricing on their new purchases of Procore products and services.
|Over a month ago|
Tiger Global adds to DoorDash stake in Q2, makes DocuSign top 5 holding » 14:2208/1608/16/21
PCOR, PATH, COIN, DV, BHG, ASO, DASH, DOCU, ZM, SHOP, SE, CRM, TAL, JD, EDU, RBLX, MSFT
Chase Coleman's Tiger Global disclosed in an SEC filing its holdings as of June 30, 2021. The fund made 24 new buys during the quarter, including by size of purchase Procore Technologies (PCOR), UiPath (PATH), Coinbase (COIN), DoubleVerify (DV) and Bright Health Group (BHG). Tiger exited three positions during the quarter, including Academy Sports (ASO). The fund increased its stake in 23 holdings, including by size of increased position, DoorDash (DASH), DocuSign (DOCU), Zoom Video (ZM), Shopify (SHOP) and Sea Limited (SE). Tiger reduced its stake in 16 holdings, including Salesforce (CRM), TAL Education (TAL), JD.com (JD), New Oriental Education (EDU) and Roblox (RBLX). The fund's top holdings as of June 30, in order of size, were JD.com, Microsoft, Sea Limited, Roblox and DocuSign.
Procore price target raised to $110 from $100 at Canaccord » 07:4608/0608/06/21
Canaccord analyst David…
Canaccord analyst David Hynes raised the firm's price target on Procore to $110 from $100 and keeps a Buy rating on the shares. The analyst believes the company has the potential to be a vertical category killer, and it's hard to put a price on that type of opportunity. He think PCOR is fine to own here, and he'd be looking to add on pullbacks.
Procore price target raised to $110 from $100 at Oppenheimer » 07:0408/0608/06/21
Oppenheimer analyst Brian…
Oppenheimer analyst Brian Schwartz raised the firm's price target on Procore to $110 from $100 and keeps an Outperform rating on the shares after the company reported a solid beat-and-guide-above for Q2. The accelerating business momentum and broad-based strength that Procore delivered in Q2 look sustainable in 2H, Schwartz tells investors in a research note.
Procore price target raised to $110 from $100 at Oppenheimer » 04:5908/0608/06/21
Oppenheimer analyst Brian…
Oppenheimer analyst Brian Schwartz raised the firm's price target on Procore to $110 from $100 and keeps an Outperform rating on the shares. The company reported a "solid beat-and-guide-above" for Q2, Schwartz tells investors in a research note. The accelerating business momentum and "broad-based" strength that Procore delivered in Q2 look sustainable in the second half of 2021, says the analyst.
Procore sees FY21 revenue $496M-$499M, consensus $488.74M » 16:5408/0508/05/21
Sees FY21 adjusted…
Sees FY21 adjusted operating margin (7%)-(6%).
Procore sees Q3 revenue $125M-$127M, consensus $123.43M » 16:5408/0508/05/21
Sees Q3 adjusted…
Sees Q3 adjusted operating margin (8%)-(7%).
Procore Technologies reports Q2 EPS (50c), consensus (14c) » 16:5308/0508/05/21
Reports Q2 revenue…
Reports Q2 revenue $122.8M, consensus $116.73M. "Procore delivered record results in our first quarter as a public company," said Tooey Courtemanche, Founder, President and CEO of Procore. "Our performance is a testament to our dedication to the construction industry, and the trust it has in us as a partner. Our commitment to this industry has always been, and will remain, core to who we are as we continue pursuing our vision of improving the lives of everyone in construction."
Procore partners with Mubadala Investmen to expand into MENA » 08:0407/0607/06/21
Procore announced its…
Procore announced its expansion into the Middle East and North Africa, or MENA, with a focus on the United Arab Emirates, or UAE, and Saudi Arabia. Mubadala Investment, an Abu Dhabi-based sovereign investor and existing Procore shareholder, will partner with Procore to drive its expansion into MENA. The partnership will advance the opportunity for Procore's platform to connect information and teams, drive performance, and ensure the safety of workers in the region's construction industry.