CA-PROCORE-TECHNOLOGIES
Procore Technologies, Inc. , (NYSE: PCOR), a leading provider of construction management software, 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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210922005931/en/
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.”
In construction, the risks and complexity of moving money between stakeholders traps vast sums of critical working capital each year. This causes cash stress to contractors, increases their working capital and bonding expenses, and negatively impacts construction jobs. Burdensome compliance workflows contribute to the construction industry’s median of 90 days sales outstanding and 74 days payable outstanding , the slowest of all industries surveyed across the globe.
In the U.S., liens are foundational to these compliance workflows. Construction stakeholders spend considerable time and energy managing lien rights — from those downstream looking to preserve lien rights and having to comply with the nuances of lien law that varies from state to state, to upstream stakeholders constantly procuring lien waivers at the point of payment to ensure their projects are free and clear. Similar payment challenges and complexities also exist globally.
Levelset CEO Scott Wolfe, Jr. said, “Our solution gets people paid faster, with less cash stress. Over 250,000 users have deployed Levelset on more than 6.5 million construction projects. This activity generates highly reliable payment and relationship data. Together with Procore, we can further empower the industry to get paid faster, with better visibility and smoother documentation.” Levelset has been a Procore App Marketplace partner since April 2018. Today, over 3,300 customers use its lien rights management solution to manage compliance workflows.
Details Regarding the Acquisition
Procore has agreed to acquire Levelset for a purchase price of approximately $500 million, which will consist 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. The closing of the transaction is anticipated to occur in the fourth quarter of this year and is subject to customary closing conditions.
D.A. Davidson is serving as exclusive financial advisor and Jones Walker LLP is acting as legal counsel to Levelset. Cooley LLP is serving as legal counsel to Procore.
Additional details and information about the terms and conditions of the acquisition will be available in a current report on Form 8-K to be filed by Procore with the Securities and Exchange Commission.
Conference Call Information
Procore will host a conference call today, September 22, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time, to discuss the acquisition. A live webcast of the conference call, as well as a replay of it, will be available at investors.procore.com . The conference call can also be accessed by dialing 877-284-6233 (U.S.) or 873-415-0281 (International) and entering conference ID: 2838218.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, about Procore and its industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release are forward-looking statements of Procore’s future operating results and financial position, its business strategy and plans, market growth and trends, and objectives for future operations. Forward-looking statements generally relate to future events or Procore’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions that concern Procore’s expectations, strategy, plans or intentions. Important risks and uncertainties that could cause Procore’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) risks associated with (a) the possibility that the closing conditions to the transaction with Levelset may not be satisfied or waived in a timely manner or at all, including that a governmental entity may prohibit, delay or refuse to grant a regulatory approval, (b) the failure to complete or receive the anticipated benefits from the transaction, including due to Procore’s inability to successfully integrate Levelset into its business, (c) diverting management attention from ongoing business operations, (d) the commencement or outcome of any legal proceedings that may be instituted against Procore or Levelset in connection with the proposed transaction and (f) the effects of the transaction on the combined business, including on operating costs, customer loss and business disruption; (ii) changes in laws and regulations applicable to Procore’s or Levelset’s business model; (iii) changes in market or industry conditions, regulatory environment and receptivity to Procore’s or Levelset’s technology and services; (iv) results of litigation or a security incident; (v) the loss of one or more of Procore’s or Levelset’s key customers or partners; (vi) the impact of COVID-19 on Procore’s or Levelset’s business and results of operations; (vii) changes to Procore’s or Levelset’s abilities to recruit and retain qualified team members; and (viii) the risks described in the other filings Procore makes with the Securities and Exchange Commission from time to time, including the risks described under the heading “Risk Factors” in Procore’s Final Prospectus dated May 19, 2021 and its Quarterly Report on Form 10-Q, which should be read in conjunction with its financial results and forward-looking statements. Moreover, Procore operates in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for Procore to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.
All forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Procore undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Procore may not actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements, and you should not place undue reliance on its forward-looking statements. Procore’s forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.
About Procore
Procore is a leading provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore's platform. Our platform connects every project stakeholder to solutions we've built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore's Marketplace has a multitude of partner solutions that integrate seamlessly with our platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices around the globe. Learn more at Procore.com .
About Levelset
Levelset is a construction software company that helps the construction industry simplify compliance and payment processes, decrease financial risks, and improve cash flow. The results are faster payments, reliable access to capital, and fewer surprises. Levelset is headquartered in New Orleans, Louisiana, with offices in Austin, Texas, and Cairo, Egypt, and has approximately 300 employees. Learn more at Levelset.com .
PROCORE-IR
View source version on businesswire.com: https://www.businesswire.com/news/home/20210922005931/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
The MasterFrame 600, Cooler Master's Modular Full Tower for High-End Builds, Now Available in Europe9.7.2025 10:02:00 CEST | Press release
Inspired by the FreeForm 2.0 philosophy, this revolutionary open-frame chassis is now available across Europe at an MSRP of €199 Cooler Master, a global leader in PC hardware and innovative thermal solutions, today announced the European sales kick-off of the MasterFrame 600, a high-end, modular open-frame full tower designed for power users, creators, and PC modders seeking total creative freedom and high-performance potential. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250709203901/en/ Cooler Master's MasterFrame 600 is built on our FreeForm 2.0 philosophy offering owners more customization options for personal builds. The MasterFrame 600 is available across Europe at a suggested retail price of €199, exclusively through select partners and resellers. Engineered on Cooler Master’s FreeForm 2.0 platform, the MasterFrame 600 redefines what’s possible in a premium PC chassis. This open-frame full tower delivers exceptiona
Kaneka Obtains Halal Certificate for KANEKA UBIQUINOL TM9.7.2025 03:30:00 CEST | Press release
Kaneka Corporation (Headquarters: Minato-ku, Tokyo; President: Kazuhiko Fujii) (TOKYO:4118) has obtained “Halal Certificate (Certification Number: 355-TSRI/24)” for its functional food ingredient, KANEKA UBIQUINOLTM (active form of coenzyme Q10) powder, under the assessment of Shariah Research Institute of Takushoku University, and issued by JAPAN MUSLIM ASSOCIATION, a religious corporation, on May 28. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250708279133/en/ Halal certificate Halal certification is a system in which relevant organizations verify that products or services do not contain ingredients prohibited under Shariah (Islamic law) and certify their compliance with Shariah. We actively pursue the acquisition of various certifications to ensure the safety and security of our raw materials, and we are pleased to announce that we have obtained a Halal Certificate for KANEKA UBIQUINOLTM. Currently, the Muslim populati
SiPearl: Final closing of €130m Series A with Cathay Venture (Taiwan), EIC Fund and France 20308.7.2025 17:25:00 CEST | Press release
Tape-out of Rhea1, the most complex processor ever designed in Europe which will equip JUPITER, the 1st European exascale supercomputer Largest Series A in the European fabless semiconductor industry including €32m in new funding to close Series A and prepare the launch of Series B Strengthening ties with Taiwan’s semiconductor ecosystem to complement Europe’s sovereignty in supercomputing and AI SiPearl, the company building European high-performance energy-efficient processors for supercomputing and AI has achieved the definitive closing of its €130m Series A with a third tranche of €32m. Seed funded by the European Union, SiPearl was launched in January 2020 under the auspices of the European Processor Initiative consortium which aims to foster the return of high-performance energy-efficient processor technologies in Europe. Since then, the company has fulfilled its mission by building a world-class processor team of 200 employees in France, Spain, and Italy, set up its own sovereig
LambdaTest Unveils Smart Branching and Baseline Management to Modernize Visual Testing Workflows8.7.2025 17:00:00 CEST | Press release
SmartUI now aligns visual testing with real-world development practices, eliminating baseline confusion and making visual QA effortless across teams LambdaTest, a GenAI-powered quality engineering platform, has announced the release of SmartUI’sSmart Branching and Baseline Management, a major leap forward in visual testing. This update eliminates long-standing bottlenecks caused by outdated baseline strategies and introduces an intelligent, streamlined way for development teams to manage visual testing across complex Git workflows. Modern development teams utilise feature branches, release versions, and hotfix workflows; however, most visual testing tools still rely on comparisons against the main branch, resulting in irrelevant failures and time-consuming approvals. LambdaTest’s SmartUI changes that with features purpose-built for today’s branching strategies. Smart Branch Comparison ensures visual tests are run against the correct baseline, comparing within the same feature branch in
Connectivity as Versatile as the Aircraft, Starlink High-Speed Internet Now Available for Cessna Caravan8.7.2025 16:00:00 CEST | Press release
Textron Aviation Inc., a Textron Inc. (NYSE: TXT) company, today announced an additional high-speed internet connectivity solution for the Cessna Citation Caravan following the Federal Aviation Administration’s (FAA) issuance of AeroMech’s Supplemental Type Certificate (STC) for Starlink high-speed internet connectivity. AeroMech’s STC utilizes Starlink’s constellation of Low Earth Orbit (LEO) satellites to provide more reliable connectivity over land, water and remote areas, where traditional in-flight Wi-Fi may not have service. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250708514119/en/ Textron Aviation announced an additional high-speed internet connectivity solution for the Cessna Citation Caravan following the Federal Aviation Administration’s (FAA) issuance of AeroMech’s Supplemental Type Certificate (STC) for Starlink high-speed internet connectivity. (Photo: Textron Aviation) “The Cessna Caravan is so versatile,
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom