Procore Technologies agrees to buy Levelset for ~$500M

• Construction management software provider Procore Technologies (NYSE:PCOR) has agreed to acquire Levelset for ~$500M, which will consist of ~$425M in cash.
• Transaction is expected to close in 4Q21.
• Headquartered in New Orleans, Louisiana, with offices in Austin, Texas, and Cairo, Egypt, Levelset is a construction software company that helps the construction industry simplify compliance and payment processes, decrease financial risks, and improve cash flow. The company employs approximately 300 employees.
• This acquisition will add lien rights management to the Procore platform, enabling Procore to manage complex compliance workflows and improve the payment process in construction. It also presents future growth opportunities for Procore, including capitalizing on the companies’ complementary data assets.
• Procore Founder and CEO Tooey Courtemanche said, "Levelset helps the construction industry get paid faster, and their offering will be a perfect addition to the Procore platform. This acquisition will also give Procore access to industry data, including payments and compliance activity, allowing us to deliver valuable risk intelligence to our customers, and to develop innovative financial products."
• Levelset CEO Scott Wolfe, Jr. said, "Together with Procore, we can further empower the industry to get paid faster, with better visibility and smoother documentation. Levelset has been a Procore App Marketplace partner since April 2018. Today, over 3,300 customers use its lien rights management solution to manage compliance workflows."