10/05/2021 | Press release | Archived content

Procore Announces Preconstruction and Platform Innovations

CARPINTERIA, Calif.--(BUSINESS WIRE)-- Procore Technologies, Inc. (NYSE: PCOR), a leading provider of construction management software, today announced platform enhancements that will deliver added flexibility and deeper insights for project teams. These innovations bring cross-platform insights with a new reports builder, and a new global workflow engine, which will improve the efficiency of estimating and bidding processes.

"For almost 20 years, Procore has been working to connect everyone in construction on a global platform, providing a single source of truth for customers around the world," said Tooey Courtemanche, Procore founder and CEO. "We're extending the value of our platform through investments in our preconstruction solution, a new global workflow engine, and a new report builder - to deliver further cross-platform insights for customers."

Estimating and Bidding Innovations for Preconstruction Teams

Procore acquired Esticom in 2020. Estimating project costs is a critical workflow, and Esticom's functionality is now fully integrated into the Procore platform as Procore Estimating. This provides tools for digital takeoff, estimating, building bid proposals - and is connected with workflows to the project budget, change management, and purchase order process.

"All of the other estimating solutions we looked at were antiquated solutions that offered little to no flexibility. Estimating in the cloud with Procore Estimating, other than the immediate benefits of accessibility from anywhere, has proven to us that Procore is a forward-thinking company that is looking to bring estimating into the 21st century," said David Laderberg, vice president at Smart Charge America, electric car charging station installation service.

Further highlighting Procore's investment in artificial intelligence and machine learning is automated area takeoff, coming in 2022. Estimators will be able to automatically extract quantification data from plans to increase the speed and accuracy of estimating.

Enhancements to Procore's integrated bidding solution, available in the first quarter of 2022, will improve flexibility and efficiency of the bidding process for customers. Custom Bid Forms allow customers to capture the exact data points needed in each bid, and Bid Leveling allows customers to quickly and easily compare bids across an entire project, scope of work, or specific line item.

Procore Gets More Powerful with New Global Workflow Engine

The new Global Workflow Engine will allow customers to build custom approval workflows across the platform with predefined conditions, coupled with notifications and permissions. In the fourth quarter of 2021, this new functionality will be in beta as part of Procore Project Financials, allowing customers to streamline the invoice and payments process by building approval workflows with conditional dollar thresholds.

"Our global workflow engine will help customers create bespoke business processes for any part of construction - from estimating to RFIs and invoice management. This allows Procore to meet customers where they are at," said Wyatt Jenkins, SVP of Product at Procore.

Enhanced Report Builder Elevates Important Insights

Procore is providing customers with key insights to build smarter with the enhanced report builder, available in beta in the fourth quarter of 2021. The new report builder will provide valuable insights with cross-platform reporting and interactive dashboards. Users will be able to compare data from both active and inactive projects to benchmark performance, drill down into specific details, and keep the entire project team informed with scheduled report distribution.

The enhanced Report Builder will be available at no additional cost to all Procore customers.

To learn more about these platform enhancements, register and join Procore virtually at Groundbreak, the company's annual conference being held October 12-14.

Forward-looking Statements

This press release contains forward-looking statements about Procore and its industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including, but not limited to: statements regarding the expected performance of Procore's business and objectives of management for future operations, are forward-looking statements. Procore has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends that Procore believes may affect its business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors that could cause results to differ materially from Procore's current expectations. You should not place undue reliance on Procore's forward-looking statements. Procore assumes no obligation to update any forward-looking statements to reflect events or circumstances that exist or change after the date on which they were made, except as required by law.

About Procore

Procore is a leading provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore's platform. Procore's platform connects key project stakeholders to solutions Procore has built specifically for the construction industry-for the owner, the general contractor, and the specialty contractor. Procore's App Marketplace has a multitude of partner solutions that integrate seamlessly with Procore's platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices around the globe. Learn more at Procore.com.

PROCORE-IR

Source: Procore Technologies Inc.

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