PROCORE TECHNOLOGIES, INC. acquires Indus.ai, Inc.
Snapshot
PROCORE TECHNOLOGIES, INC. acquired Indus.ai, Inc. for approximately $24.3 million in May 2021. The transaction was structured as all cash. Indus.ai, Inc. is a Canada-based AI / analytics business.
- Acquirer
- PROCORE TECHNOLOGIES, INC.
- Target
- Indus.ai, Inc.
- Value
- approximately $24.3 million
- Date
- May 2021
- Type
- full acquisition
- Status
- ready
The deal at a glance
About this deal
PROCORE TECHNOLOGIES, INC. acquired Indus.ai, Inc. for approximately $24.3 million, a transaction completed in May 2021, structured as all cash.
Indus.ai, Inc. operates in AI / analytics, is based in Canada. Indus.ai is a Canada-based privately held company that offers an artificial intelligence-powered analytics platform to provide actionable insights for the construction industry. Per the FY2021 10-K, Procore acquired 100% of the outstanding voting interests in Indus on May 3, 2021 for purchase consideration of $24.3 million in cash, of which $4.1 million was held back to secure indemnification obligations.
The purpose of this acquisition is to accelerate the development of the Company's artificial intelligence and machine learning solutions.
AI/ML platform purpose-built for construction analytics. Purchase consideration primarily allocated to developed technology intangible assets with an estimated fair value of $14.8 million. Absorbed into Procore's AI and machine learning development.
No advisory firms have been disclosed for this transaction.