Procore Announces Innovations to Address Challenges Associated with Payments, Preconstruction and Labor Shortage

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Updates leverage predictive analytics to make building more efficient

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CARPINTERIA, Calif. – Procore Technologies, Inc. (NYSE: PCOR), a leading global provider of construction management software, today announced innovations and new solutions that will leverage the value of predictive analytics to connect all members of a project team. The latest solutions will drive efficiencies to solve some of the industry’s most pressing challenges: payments, labor, preconstruction, communication, and more.

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“Procore is designed to help solve our customers’ biggest challenges so they can manage risk and grow their businesses,” said Tooey Courtemanche, Founder, President and CEO of Procore. “For example, construction is one of the lowest paying industries. According to Levelset’s 2021 Construction Cash Flow and Payments Report, it takes an average of 83 days to get paid after submitting an invoice. For this reason, we are excited to announce that Procore Pay will launch in 2023.”

Payments

Procore is working with Goldman Sachs Transaction Banking to integrate payment functionality into its platform. The result is Procore Pay, a new service launching in 2023 designed to solve one of the industry’s biggest problems. According to the National Construction Payment Report 2020, 80% of companies say they spend a lot of time researching down payments. Key benefits of Procore Pay include:

Single Connected Platform

« Procore has been building for the construction industry for 20 years and is the only end-to-end unified technology platform that supports everyone on a job site, from preconstruction to payment, on mobile and web » , explained Wyatt Jenkins, senior vice president. product president at Procore.

In Preconstruction, Procore Connect on Drawings will allow teams to securely connect to projects in other stakeholders’ accounts and synchronize data to reflect the most up-to-date drawings. According to the IMF and Procore State of Preconstruction Survey, investing in preconstruction can provide tangible returns on profit, schedule, and customer satisfaction. Additionally, it can ease the burden of labor shortages by minimizing rework and optimizing the current workforce.

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“Procore Connect is a great start to being able to connect across multiple platforms on Procore. It strengthens our ability to connect with the client and use a single source of truth for designs so we’re all working on the same review,” said Brad Mohler, Virtual Construction Manager, ColonialWebb.

Predictive analytics

“Data and predictive analytics will power the next generation of projects. As the current workforce begins to retire, yards are losing seasoned superintendents and project executives with over 30 years of experience. To continue to build safely and efficiently, we must arm the next generation of construction leaders with the knowledge and insights gained from every project built in Procore,” said Jenkins. « It creates smarter planning while easing the pains of labor shortages by arming teams with previous experience and knowledge from similar projects. »

Procore continues to evolve construction intelligence by unlocking data, analytics and artificial intelligence, enabling users to execute projects smarter, safer and more efficiently. Examples include:

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About Procore

Procore is one of the world’s leading providers of construction management software. Over a million projects and over a trillion dollars in construction volume have been executed on Procore’s platform. Our platform connects every project stakeholder to the solutions we’ve designed specifically for the construction industry – for the homeowner, general contractor and specialty contractor. The Procore App Marketplace offers a host of partner solutions that seamlessly integrate with our platform, giving construction professionals the freedom to connect with what works best for them. Based in Carpinteria, California, Procore has offices in the United States, Canada and around the world. Learn more at Procore.com.

www.procore.com

PROCORE-IR

See the source version on businesswire.com: https://www.businesswire.com/news/home/20221108005157/en/

contacts

Media Contact
Elizabeth Locke
press@procore.com

Contact Investor
Matthew Puljiz
ir@procore.com

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