Procore Releases Construction Owners, Analytics Products at Groundbreak
4,000 attend company's annual conference in Phoenix as possible IPO looms
Procore Technologies introduced several products at its Groundbreak conference. The construction software specialist unveiled Procore for Owners, Procore Analytics, and Procore Community, a feedback and support site, on the first day of the annual conference. More than 4,000 attendees came to Groundbreak at the Phoenix Convention Center. Featured speakers included former GE vice chairwoman Beth Comstock, Project Rubicon founder Jake Wood and television producer and host Mike Rowe.
"Our mission is and always will be to connect everyone in construction on a global platform," Procore CEO Tooey Courtemanche said at the event's opening address. He promised to use his company's new tools and capabilities to end siloed data for construction projects and create more efficiency. Courtemanche showed off a recently released BIM model viewer for all IoS devices and said, "we’re bringing owners into the fold, we're bringing in machine learning with Procore Analytics that allows you to analyze data points like overdue RFIs or punch lists from a dashboard."
These two products are integrations of recent Procore acquisitions. Procore Analytics brings the data and platform of Construction BI into Procore's construction management platform. Honest Buildings is now the engine of Procore for Owners, which is a suite of owner-focused project management tools. The suite comprises a capital-planning product, a portfolio-financials product for owners that want visibility into managing bids and subcontractors, and an update of Procore's project management solution customized for owners. Honest Buildings was acquired by Procore in July of this year. Prior to the acquisition, Honest Buildings was being used to manage $20 billion worth of projects for large owners.
"[Procore for Owners] provides owners the opportunity to not only light up our data but align it with our partners to really create powerful, industry-leading information we can act on," said Lisa Picard, president and CEO of EQ Office. Picard used Honest Buildings as a construction-management platform purpose-built for the needs of owners. Other customers that gave testimonials include the Boston Children's Hospitality, Brookfield Properties and Purdue University.
“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," Courtemanche said.
Riggs Kubiak, who founded Honest Buildings in 2012, assumed the role of Procore senior vice president of owner strategy after the acquisition.
For the analytics piece, Construction BI's Power BI app was originally introduced to the Procore marketplace in 2017 when it was still a Columbus, Ohio-based analytics and business-intelligence application with other versions available for Microsoft, Sage, Procore and others platforms. After its August acquisition it became Procore Analytics, a tool that lets users compare collected data on dashboards with display tools such as heat maps of injuries on the human body for safety analysis or timelines of when injuries happened on a calendar. Jason Ramsey, Procore's director of product reporting and analytics, said that creating custom interfaces for contractors and owners that have unusual data sets will remain a part of the business.
"There's value in leveraging this data," says Ramsey, who was CEO of Construction BI before the acquisition. "when I launched Construction BI on the Procore platform it expanded what I knew was possible with data to the largest network of construction professionals."
Ramsey said further integration of the Construction BI analytics platform into Procore's construction management platform would continue, as he and his team have only been Procore employees for a little more than a month.
While Courtemanche, Ramsey and other Procore executives remained tight-lipped about it at Groundbreak, Bloomberg has reported that Procore is working with Goldman Sachs Group to lead a U.S. initial public offering that could value the software maker at more than $4 billion. According to Bloomberg, this IPO could happen later this year or early in 2020.
By Jeff Yoders in Phoenix, Ariz.