courtesy of Procore
Procore, the construction management software company, has been rumored to be interested in filing for an IPO since at least 2019. In the Spring of 2020, Procore ended up delaying its plans to go public after it received $150million in funding and a valuation of around $5 million, citing interest in raising more money amidst an uncertain economy during the heart of the coronavirus pandemic.
Read moreLast summer, we learned that Travelers Insurance believed that using Procore as a project management tool helped contractors reduce risk on their projects so much that they were willing to help pay for them to join the platform. That deal was previously limited to customers in 10 US states, but Travelers and Procore have collaborated to further expand that program.
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From a management-level perspective, the true value of adopting new technologies in the construction industry is the ability to quickly and reliably gather data. It’s nearly impossible to make a sound business decision without it, yet it’s still – in a way -- a relatively new concept in the industry. We’ve always collected data, but many times it’s stuck in paper forms or tucked away in a file on someone’s laptop, not easily sharable with others in the company. So now that construction data is easier than ever to collect and organize thanks to the massive innovation that’s taken place over the last decade, how do we best utilize it?
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In what has become a growing trend in the construction technology sector, Procore has acquired another company to help grow their platform. Last year, Procore purchased Honest Buildings, a project management software aimed at owners and developers, before creating Procore for Owners. The company has also acquired ConstructionBI , a data insight app and BIManywhere, a mobile 3D model viewing company which helped them create Procore BIM, in recent years.
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Specialty trades contractors are typically forced to use whatever project management software that the General Contractor or project owner of each project requires, but that doesn’t mean there aren’t benefits to having a project management system of their own. Procore has seen a large amount of these specialty contractors joining their platform over the past year and have just announced the release of two new features specifically for them: Real-Time Labor Productivity and Time & Material Tickets.
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Groundbreak, Procore’s annual construction technology conference, officially started today and, while it’s in a virtual capacity instead of in-person like usual, there’s no shortage of Procore news and updates. At Groundbreak 2 years ago, the company announced Procore BIM and, this year, their adding two new features to make even more user friendly in the field: Dynamic Wall Elevations and Follow Me.
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Chances are, if your construction company is using any sort of technology, you’re using more than one different application. That’s true for many Procore customers, as well, as over 40% of them use at least two other apps that are integrated into the Procore platform. In order to help contractors manage these 3rd party apps, Procore has recently released App Management Metrics to all of their customers.
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With so many things still in flux in the construction industry due to the effects of the pandemics, it’s an extremely important time for employers to be able to get their open positions in front of the right candidates and for job seekers to be able to take advantage of the opportunities that are available. Construction management software company, Procore, has recently released a new job posting platform specifically tailored to the construction industry for free.
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As jobsites continue to be shut down throughout the country and office staff has been working remotely during the coronavirus pandemic, more and more construction companies are relying on technology to help keep them afloat. Many companies and projects have also begun shifting into different roles, some even to help provide more facilities for healthcare and manufacturing to help in relief as the virus spreads.
Read moreHot off of the acquisition of Honest Buildings, a project management software aimed at owners and developers, Procore has announced they have acquired yet another tech company to help bolster their offerings.
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