PROCORE TECHNOLOGIES, INC. acquires Avata Intelligence Inc.
Snapshot
PROCORE TECHNOLOGIES, INC. acquired Avata Intelligence Inc. for approximately $3.8 million in February 2020. The transaction was structured as all cash. Avata Intelligence Inc. is a AI / machine learning business.
- Acquirer
- PROCORE TECHNOLOGIES, INC.
- Target
- Avata Intelligence Inc.
- Value
- approximately $3.8 million
- Date
- February 2020
- Type
- asset purchase
- Status
- ready
The deal at a glance
About this deal
PROCORE TECHNOLOGIES, INC. acquired Avata Intelligence Inc. for approximately $3.8 million, a transaction completed in February 2020, structured as all cash. The deal was a asset purchase.
Avata Intelligence Inc. operates in AI / machine learning. On February 3, 2020, Procore acquired intellectual properties, rights and agreements from Avata Intelligence Inc. for $3.8 million in cash consideration, and entered into employment agreements with the majority of Avata's employees (an acqui-hire of IP and talent). Purchase consideration was primarily allocated to developed technology intangible assets with an estimated fair value of $2.2 million.
The purpose of this acquisition is to accelerate the development of the Company's artificial intelligence and machine learning solutions.
AI/ML intellectual property and engineering talent. Excess of purchase consideration over net assets acquired of $1.6 million recorded as goodwill. IP and team absorbed into Procore's AI/ML engineering.
No advisory firms have been disclosed for this transaction.