Procore Technologies

Procore Technologies is the developer of a cloud platform (SaaS) for building management throughout the life cycle, including planning, labor tracking, financial management, etc. Within the framework of the platform, four categories of products were implemented: management before construction (selection of the right contractors, suppliers of materials), project management (allows the entire construction team - from back office to construction teams - to access general information at a time), resource management (performance monitoring) and financial management (monitoring the financial condition of the construction project). The platform also has a third-party application store.

History

2021: Entry into the NYSE exchange, estimated at $11 billion

In May 2021, Procore became a public company, placing its shares on the New York Stock Exchange under the ticker PCOR. As part of the IPO, the company sold 9.47 million securities for $67 apiece, which made it possible to raise $634.5 million.

According to Bloomberg, citing documents provided to the US Securities and Exchange Commission (SEC), the market value of Procore, based on the price of outstanding shares, exceeded $8.5 billion. But taking into account stock options for employees and securities with limited circulation, the figure amounted to $9.6 billion.

Procore Technologies enters NYSE exchange

By the close of the exchange on May 21, 2021, the value of Procore shares amounted to $88.62, and market capitalization - $11.36 billion.

The main shareholders of Procore after the listing were the funds of Iconiq Strategic Partners (share - 37%) and Bessemer Venture Partners (13%). The number of investors also included Tiger Global Management.

As noted by Procore CEO Tui Cortemanche (Tooey Courtemanche), the company has long been ready for an IPO. So, access to the exchange was planned in 2020, but it was postponed due to the COVID-19 coronavirus pandemic, he said.^[1]

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