PROCORE TECHNOLOGIES, INC. acquires Esticom, Inc.
Snapshot
PROCORE TECHNOLOGIES, INC. acquired Esticom, Inc. for approximately $15.1 million in October 2020. The transaction was structured as combination (cash and stock). Esticom, Inc. is a Preconstruction / estimating business.
- Acquirer
- PROCORE TECHNOLOGIES, INC.
- Target
- Esticom, Inc.
- Value
- approximately $15.1 million
- Date
- October 2020
- Type
- full acquisition
- Status
- ready
The deal at a glance
About this deal
PROCORE TECHNOLOGIES, INC. acquired Esticom, Inc. for approximately $15.1 million, a transaction completed in October 2020, structured as combination (cash and stock).
Esticom, Inc. operates in Preconstruction / estimating. Esticom provides an estimating solution which enables contractors to determine the quantities of materials needed from project plans and specifications, and calculate the cost estimates for the labor hours and materials required on a job. Per the FY2021 10-K, Procore acquired 100% of the outstanding voting interests of Esticom on October 14, 2020 for total purchase consideration of $15.1 million ($11.2 million cash and $3.9 million in common stock, 96,749 shares).
The purpose of this acquisition is to accelerate the development of the Company's preconstruction solutions.
Cloud-based estimating capability to expand into preconstruction. Built into Procore's preconstruction/estimating offering.
No advisory firms have been disclosed for this transaction.