PROCORE TECHNOLOGIES, INC. acquires Unearth Technologies, Inc.
Snapshot
PROCORE TECHNOLOGIES, INC. acquired Unearth Technologies, Inc. for approximately $9.2 million (developed technology value; $6.8 million cash paid) in September 2023. The transaction was structured as all cash. Unearth Technologies, Inc. is a GIS / asset management business.
- Acquirer
- PROCORE TECHNOLOGIES, INC.
- Target
- Unearth Technologies, Inc.
- Value
- approximately $9.2 million (developed technology value; $6.8 million cash paid)
- Date
- September 2023
- Type
- asset acquisition
- Status
- ready
The deal at a glance
About this deal
PROCORE TECHNOLOGIES, INC. acquired Unearth Technologies, Inc. for approximately $9.2 million (developed technology value; $6.8 million cash paid), a transaction completed in September 2023, structured as all cash.
Unearth Technologies, Inc. operates in GIS / asset management. Unearth Technologies is a geographic information systems (GIS) asset management platform that helps general contractors and infrastructure providers connect assets, data, and field teams, and was an existing App Marketplace partner. Per the FY2023 10-K, Procore completed the acquisition of all outstanding equity of Unearth on September 15, 2023, accounted for as an asset acquisition; the total value of developed technology acquired was $9.2 million, comprising $6.8 million in cash paid plus $2.3 million from the tax consequences of the transaction.
In September 2023, we acquired Unearth, a geographic information systems asset management platform that helps general contractors and infrastructure providers connect assets, data, and field teams.
Existing App Marketplace partner with GIS asset-management technology for infrastructure use cases. Folded into Procore's platform for asset and field-team data; acquired developed technology amortized over five years.
No advisory firms have been disclosed for this transaction.