PROCORE TECHNOLOGIES, INC. acquires Honest Buildings, Inc.
Snapshot
PROCORE TECHNOLOGIES, INC. acquired Honest Buildings, Inc. for approximately $151.9 million in July 2019. The transaction was structured as combination (cash and stock). Honest Buildings, Inc. is a Owners / capital project & financial management business.
- Acquirer
- PROCORE TECHNOLOGIES, INC.
- Target
- Honest Buildings, Inc.
- Value
- approximately $151.9 million
- Date
- July 2019
- Type
- full acquisition (merger)
- Status
- ready
The deal at a glance
About this deal
PROCORE TECHNOLOGIES, INC. acquired Honest Buildings, Inc. for approximately $151.9 million, a transaction completed in July 2019, structured as combination (cash and stock).
Honest Buildings, Inc. operates in Owners / capital project & financial management. Honest Buildings was an App Marketplace partner that already had an integration with Procore's platform and is a provider of financial and project management software for owners. Per the S-1, Procore entered into a Merger Agreement with Honest Buildings on July 30, 2019 to acquire all of its outstanding stock; total purchase consideration was $151.9 million ($51.4 million cash and $97.9 million fair value of Series H-1 redeemable convertible preferred stock, 3,660,203 shares at $26.75).
This acquisition allowed the Company to extend its software products and platform to this core customer group [owners].
Existing App Marketplace integration and a foothold in the owner customer segment. Largest contributor to the $113.5 million increase in goodwill during 2019. Extended Procore's platform to the owner customer group; held as Honest Buildings, LLC subsidiary.
No advisory firms have been disclosed for this transaction.