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Procore building up towards IPO: Bloomberg
Posted on Friday, 20 September 2019 09:55
Goldman Sachs is preparing Procore Technologies for an initial public offering (IPO) this year or early 2020 that could value the construction management software company at more than USD 4.00 billion, sources told Bloomberg.
One of the people added the Californian designer of the cloud-based application, which oversees projects from planning to close, expects to generate revenue of more than USD 400.00 million this year.
No further information was disclosed and the sources, who declined to be named as the matter has not been made public, cautioned the listing details have not been finalised and may change.
Spokespeople for the advisor and company either declined or could not be reached for comment when contacted by Bloomberg.
Carpinteria-headquartered Procore has more than 7,000 customers and its platform, which provides full visibility for every stage of the project lifecycle, is used to manage billions of dollars in annual construction volume.
In a statement in July, the company said it has scaled annual recurring revenue to over USD 250.00 million and has raised a total USD 200.00 million in funding.
Procore’s most recent financing was December, when it brought in USD 75.00 million – via a Tiger Global Management-led round - for a USD 3.00 billion valuation.
Its latest acquisition was in July: the enterprise took over Honest Buildings, a provider of project management software for owners and developers.
The New York-based data-driven platform designer’s customers included global, national, and local owners, such as Brookfield, Oxford Properties Group and EQ Office, Blackstone’s US office portfolio company.
Zephyr, the M&A database published by Bureau van Dijk, shows 145 IPOs targeting the data processing and hosting and computer systems design and related services categories have been announced in 2019 to date.
Just yesterday, Datadog debuted on Nasdaq after pricing its first-time share sale at USD 27.00 each, that is higher than the initial estimated range of USD 24.00 to USD 26.00 apiece.
© Zephus Ltd