Carpinteria, California (July 16, 2019)—Procore Technologies Inc., provider of construction management software, announced it has entered an agreement to acquire Honest Buildings Inc., provider of project management software for owners and developers.
This acquisition will allow Procore to create a full-stack platform to manage projects from start to finish. Together, the companies will use their platforms to create unified financials and cost tracking from the first dollar that comes in from the investor or lender to its final spend at the subcontractor or material provider level.
Honest Buildings’ data-driven platform is purpose-built for owners and is used to ensure capital and construction projects are completed on time and on budget. Honest Buildings provides direct value to owners by centralizing all projects portfolio-wide, moving workflows out of spreadsheets and onto its platform.
Owners can also harness data to manage capital more strategically. Based in New York, New York, Honest Buildings was founded in 2012 by Chief Executive Officer (CEO) and co-founder Riggs Kubiak. The company’s over 100 team members, including additional co-founders Cody Roberts and Garrett Kubiak, will join the Procore team.
Procore provides owners like Boston Children’s Hospital, The Wonderful Company, and Uline with full visibility into their projects through every stage of the construction lifecycle. With more than 1,000 real estate developers, owners, and construction manager as agents relying on Procore to manage their businesses, this acquisition extends Procore’s commitment to those stakeholders.
“Procore and Honest Buildings share a vision that centers around transforming the construction industry, and we have an opportunity to realize this vision through the development of a global platform that connects everyone in construction,” said Tooey Courtemanche, founder and CEO, Procore. “Honest Buildings has been solely focused on providing value to owners, and when fully integrated on the Procore platform, we will create even greater value by delivering a powerful solution that provides transparency and accessibility of information to general contractors, specialty contractors and owners on a single system of record.”
“Honest Buildings has facilitated over $20 billion of projects for the world’s largest owners and fast-growing companies. Joining Procore will accelerate our growth globally in building technology that empowers owners and their teams to manage projects and the capital that funds them,” said Kubiak. “Our companies’ missions and cultures align so well that from our first meetings together the energy was palpable. We at Honest Buildings are excited about the speed and impact we can have on the built world by joining the Procore team.”
For more information, visit procore.com.