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Construction Tech Review | Thursday, July 25, 2019
The acquisition will help Procore to construct the first full-stack project management platform from the initial to the final stage of the construction lifecycle.
FREMONT, CA: Procore Technologies, a primary construction management software provider has entered into an arrangement to acquire Honest Buildings, owner and developer software provider for project management. This purchase will allow Procore to construct the first full-stack project management platform for the construction industry from start to finish. Collaboratively, the companies will employ their platforms to create unified financials and cost tracking from the first dollar spent by the investor or lender to the final investment at the subcontractor or material provider level.
“Procore and Honest Buildings share a vision that centers on transforming the construction industry, and we have an opportunity to realize this vision through the development of a global platform that connects everyone in construction,” said Tooey Courtemanche, founder and CEO, Procore. “Honest Buildings has been solely focused on providing value to owners, and when fully integrated on the Procore platform we will create even greater value by delivering a powerful solution that provides transparency and accessibility of information to general contractors, specialty contractors, and owners on a single system of record.”
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A significant supplier of construction management software, Procore connects individuals, apps, and devices via a unified platform to assist building experts in managing risk and creating quality projects in a safe, timely and budget-free manner. The company provides complete visibility into every phase of the building lifecycle to owners organizing projects. With over 1,000 developers, owners, and builders of real estate managers relying on Procore to manage their business, this purchase expands the dedication of Procore to those interested parties.
Honest Buildings provides a data-driven platform to owners, which guarantees the completion of capital and construction projects on time and budget. The company offers immediate value by centralizing all portfolio-wide projects, shifting workflows to their platform, enabling owners to make more strategic use of information to handle assets. “Honest Buildings has facilitated over $20 billion of projects for the world’s largest owners and fast-growing companies. Joining Procore will accelerate our growth globally in building technology that empowers owners and their teams to manage projects and the capital that funds them,” said Riggs Kubiak, CEO and co-founder of Honest Buildings.” “Our company’s missions and cultures align so well that from our first meetings together the energy was palpable. We, at Honest Buildings, are excited about the speed and impact we can have on the built world by joining the Procore team.”
“Procore became a reality many years ago from actual problems I was trying to solve as the owner on my own construction project, so it's exciting to accelerate our focus on owners and our commitment to the industry by delivering products that help improve the lives of everyone in construction,” added Courtemanche.
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