Procore Acquires LaborChart to Improve Workforce Management in Construction

0


CARPINTERIA, Calif .– (COMMERCIAL THREAD) – Procore Technologies, Inc., (NYSE: PCOR), a leading provider of construction management software, today announced the acquisition of LaborChart, a leading provider of management software staffing for specialized contractors and independent general contractors. LaborChart deepens the connection in the office and in the field by enabling contractors to better plan, manage, forecast and communicate with their workforce, improving profit margins.

Labor is typically the highest and most variable cost for entrepreneurs, but many still rely on spreadsheets and analog options like whiteboards to manage their workforce. LaborChart software provides a modern solution to these legacy processes and complements existing Procore solutions.

Procore’s Field Productivity product helps contractors track employee time and provides insight into team productivity. LaborChart gives contractors a forward-looking, real-time understanding of all workers, assignments and commitments, enabling them to plan, schedule and forecast with precision. Together, these integrated solutions will give entrepreneurs a holistic view of their workforce, giving them the control they need to manage, plan and budget their workforce.

“Construction faces a global labor shortage as contractors struggle to find skilled workers. It is therefore essential to effectively manage the existing workforce, ”said Tooey Courtemanche, Founder and CEO of Procore. “With the addition of LaborChart, Procore will be able to provide a complete workforce management solution that helps contractors optimize their workforce, maximize productivity and take on more projects. Gone are the days of relying on spreadsheets and whiteboards.

LaborChart Founder and CEO Ben Schultz said: “As a fourth generation electrical contractor, I’ve seen every kind of job you can imagine. For too long, the construction industry has lacked the technology to effectively manage people – its most important asset. We created LaborChart to overcome outdated workforce management processes. By joining Procore, we will be able to further facilitate successful projects from start to finish, deepening the connection between the office and the field.

Today, nearly 300 trade and freelance general contractors use LaborChart, which has been a Procore App Marketplace partner since November 2020. More than 40 LaborChart employees have joined Procore. Over time, LaborChart will be fully integrated with Procore.

Courtemanche added, “The acquisition of LaborChart, along with our recently announced agreement to acquire Levelset, adds additional insight to Procore’s robust construction industry data set. By combining project data, workforce data and risk intelligence, customers can access a more complete view of the construction process that will help them build smarter.

Financial terms were not disclosed. The acquisition is not expected to have a material impact on Procore’s financial results for fiscal 2021.

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, relating to Procore. and its industry which involve substantial risks and uncertainties. These statements include, but are not limited to, statements regarding the expected benefits of the transaction, management plans relating to the transaction, and statements that address the expected future business and financial performance of Procore. All statements other than statements of historical fact contained in this press release are forward-looking statements about Procore’s future operating results and financial condition, its business strategy and plans, market growth and trends, and objectives of future operations. Forward-looking statements generally relate to future events or to the future financial or operational performance of Procore. In some cases, you can identify forward-looking statements because they contain words such as “anticipate”, “believe”, “contemplate”, “continue”, “might”, “estimate”, “expect”, “have”. intention “,” “may”, “plan”, “potential”, “foresee”, “plan”, “should”, “target”, “will” or “would”, or the negative of these words or d ‘other terms or similar expressions that relate to Procore’s expectations, strategy, plans or intentions. Significant risks and uncertainties that could cause Procore’s actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, the following: (i) risks associated with (a) default of realize or receive the benefits of the transaction, including due to Procore’s inability to successfully integrate LaborChart into its business, (b) distracting management from ongoing business operations, (c) the commencement or the outcome of any legal proceedings that may be brought against Procore or LaborChart in connection with the proposed transaction and (d) the effects of the transaction on the combined business, including on operating costs, loss of customers and business disruption; (ii) changes in laws and regulations applicable to the business model of Procore or LaborChart; (iii) changes in market or industry conditions and responsiveness to Procore or LaborChart technology and services; (iv) the results of a dispute or security incident; (v) the loss of one or more customers or key partners of Procore or LaborChart; (vi) the impact of COVID-19 on the business and operating results of Procore or LaborChart; (vii) changes in the ability of Procore or LaborChart to recruit and retain qualified team members; and (viii) the risks described in other documents filed by Procore with the Securities and Exchange Commission from time to time, including the risks described under “Risk Factors” in Procore’s Quarterly Report on Form 10- Q, which should be read in conjunction with its financial results and forward-looking statements. In addition, Procore operates in a very competitive and rapidly changing environment. New risks and uncertainties arise from time to time, and it is not possible for Procore to predict all the risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. Results, events and circumstances reflected in forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in forward-looking statements. All forward-looking statements contained in this press release relate only to events that occurred on the date on which the statements are made. Procore assumes 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 unforeseen events, except as the law requires it. Procore may not achieve any 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 future acquisitions, mergers, divestitures, joint ventures or investments.

About Procore

Procore is a leading provider of construction management software. Over one million projects and over $ 1,000 billion in construction volume have been completed on the Procore platform. Our platform connects each stakeholder in the project with the solutions we have designed specifically for the construction industry, for the owner, general contractor and specialist contractor. Procore’s marketplace offers a host of partner solutions that integrate seamlessly with our platform, giving construction professionals the freedom to connect with what works best for them. Based in Carpinteria, California, Procore has offices around the world. Learn more at Procore.com.

About LaborChart

LaborChart is a leading provider of workforce management software for the construction industry. LaborChart helps businesses manage employee planning, dispatch, forecasting, and communication. Built from a unique blend of construction and software expertise, LaborChart helps contractors of all trades organize their most important and valuable asset – their workforce – into one secure and easy solution. to manage. LaborChart is headquartered in Overland Park, Kansas. For more information, visit laborchart.com.

PROCORE-IR


Leave A Reply

Your email address will not be published.