procore ipo reddit

Here’s the description from the S-1 (my highlighting added): We generate substantially all of our revenue from subscriptions to access our products and have an unlimited user model that is designed to facilitate adoption and maximize usage of our platform by all project stakeholders. A project-based subscription model would lead to perfect cyclicality with the construction cycle. Oracle adds Aconex to Primavera, Skire and Textura. Procore’s pricing model reflects a common dilemma in enterprise pricing, especially inter-enterprise pricing. The pricing shown is “for organizations running $3M or less in construction volume”. Procore Community is the most trusted online community where everyone in construction comes to learn, share their experiences and build their careers. Construction is cyclical, yes, but that doesn't mean that everyone cancels subscription to it when contracts slow down. Sorry, your blog cannot share posts by email. It's designed to give individuals a convenient method for importing large sets of data to Procore. Interestingly, if you are a “take rate” nerd like I am, Procore’s implied “take rate” for the project management module starts at 15 bps ($375×12/$3 million). It was founded in 2003 by current CEO Craig Courtemanche who has extensive experience both as a … If my project lasts for 18 months, why do I have to pay for two years. I'm thinking yes, but am a little biased because I use this program a lot in construction. Open and edit Microsoft Office files. Procore improves speed, reduces rework, and eliminates errors on construction projects. Post was not sent - check your email addresses! According to a report from CBInsights, funding in construction tech has grown over five times from 2010 to $254 million in 2015. Strategy & Solutions for B2B Cloud Providers, Value Proposition #8: Collaborative Project Management, Oracle Gobbles Up Another Construction Software Company: Aconex, Textura, Construction Cloud Provider hit with Fraud Claim, 2020 Gartner Magic Quadrant for Procure-to-Pay Suites, Sedex: A “Rule of 70” Non-Profit Supplier Information Exchange, ‘Deep’ B2B Platforms and How to Build Them, The Forrester Wave™: Supplier Risk And Performance Management Platforms, Q3 2020, Sequentially adding users, then an app marketplace, and then more functionality beyond project management (e.g., financial management, bid development, etc. I've never heard of them and I work for a top 5 federal construction company. As you can see above, Procore’s subscription price scales with the annual construction volume the subscriber intends to manage on the platform. As our customers subscribe to additional products, or increase the annual construction volume contracted to run on our platform, we generate more revenue. As a result, there’s no need for me to re-hash the basics. Once this project owner pays for the services, all their intra- or inter-enterprise collaborators can use the platform for the duration of the project. Procore's seamless integration with QuickBooks synchronizes project and cost data. Last September, we reported that an IPO could value 17-year-old Procore at more than $4 billion, according to Bloomberg, which cited “people with knowledge of the matter.” In December, we covered how the company had tripled its valuation to nearly $3 billion after raising a $75 million Series H from Tiger Global Management . Procore started as a collaborative project management platform and added additional functionality from there. With Procore's unlimited storage, we are able to upload all documentation needed for each of our projects and free up our desktop computers. It's a great story with a pricing model that is instructive for other SaaS entrepreneurs. The construction industry is ripe for disruption by an industry cloud/platform. Users can post links to content on the web and other users can vote the posted links up or down, causing them to appear more or less prominently on the site’s home page. Suffice it to say, this is a great story of: The S-1 is worth reading if you have an interest in vertical enterprise SaaS. See here and here. I know a software developer that works there. Suppose next year I do fewer projects,  will my subscription decrease in price? Pricing on a per-seat basis would not have scaled well with the value Procore provides to its customers.

Reddit is probably valued at somewhere in the range of $1 to $2 billion right now, but they could easily hit that $40,000,000,000.00 valuation mark were they to continue to scale and focus on profits as aggressively as some other large companies do.
Reddit IPO, Will Reddit Become Publicly Traded? We use them here in Ireland on a lot of projects. Less moat, more competition, decreased ability to innovate and respond to newer business opportunities. It sounds like he is happy working there, if that means anything ‍♂️. Will you give me a refund? For more on take rates of B2B platforms, see here. Procore filed its S-1 to go public last Friday. since. Oracle continued its buying spree in construction software by announcing its acquisition of Aconex. I work in construction management and see this program used A LOT. What happens if some of my projects get delayed or canceled? Procore General Information Description. Procore’s Groundbreak included news of a new acquisition – US estimating software provider Esticom – and a slew of product announcements, but no mention of the IPO, seemingly delayed due to the continuing impacts of the pandemic. This includes the customer’s employees and its collaborators, who are other project participants who engage with our platform but do not pay us for such use. Btw there are quite a few construction software companies that are (or were) listed: Autodesk, Aconex (acquired by Oracle), Dassault to name a few. We started using HCSS (HeavyBid / HeavyJob) for estimating and project management. I do not sell or share your information with anyone else. I quite like Autodesk but valuation is now a bit steep. On 28 February 2020, Procore filed documents with the U.S. Securities and Exchange Commission for a proposed initial public offering. Is there anything to it? Collaborative project management is one of the nine value propositions offered by enterprise software platforms. That discussion, while it makes total sense, is not the easiest one in the world. Procore Technologies, Inc., is a privately held PM software development company whose products are designed specifically for the construction industry. We don't get notified of new plans, or we don't get paid because someone on their end didn't click it as approved. Procore also keeps a running log/time-stamp of all emails we send through it, in case there is an issue or discrepancy. They really invest in employees. Any software? MS Teams Document Integration Services. LEED Documentation Automation. Sync Files from Procore to Google Drive . Jim Landefeld. Any thoughts on whether this would be a good buy, or not? The subscription costs more for larger organizations. But, I like the industry more than I like the stock valuations. MS Teams + Procore = Integrated Documents. Plus Procore revenue went from $10 million in 2014 to over $250 million as of July 2019. (As an incentive to stay on the platform beyond the project, access to project data ends when the project ends– unless the user has an active, paid-for subscription.). Use filters or sort on these fields instead. Also there are alternatives which appeal more to the design team versus the construction team - Newforma is very similar, though more geared toward designers versus builders. With a user-based model, Procore would have left money on the table. One of the most interesting aspects of Procore is its pricing model. I imagine they retain their customer base due to how hard it is to change systems. 12/08/2020: Cramer predicts a strong 2021 rebound for Airbnb after IPO 12/06/2020: WSJ: Airbnb Boosts IPO Price Range to Between $56 and $60 a Share 12/01/2020: Eligible Fidelity customers may indicate interest for Airbnb IPO 12/01/2020: ClickIPO accepting interest through app (via TS) and Webull 12/01/2020: Airbnb seeks valuation of up to $35 billion in its IPO IPO Report Unity Software IPO: 5 things to know about the videogame-engine company Last Updated: Sept. 17, 2020 at 8:00 p.m. According to its filing, Procore had revenues of $289.2 million in 2019, but recorded a net loss of $83.1 million; its platform had 1.3 million users at the end of 2019. Because a Procore customer’s subscription depends on the annual value of the projects being contemplated, Procore’s pricing page requires either a calculator or a discussion/chat session with a rep.  Procore has opted for the latter. Connecting all your people, applications, and devices in one central hub. Green Badger LEED Documentation. In the mixed bundle with project management, the financial management package costs another 7 bps. On Reddit, I’ve seen pricing closer to 5-10 bps for larger annual construction volumes. New comments cannot be posted and votes cannot be cast, Press J to jump to the feed. I interviewed there and the culture was great. Procore is pleased to announce the launch of Procore Community, a centralized, online platform for all of our clients to connect via Questions, Events, and Groups (with more features to come). 12 Hot Upcoming IPOs to Watch For in 2020 and 2021 The most exciting IPOs expected during the rest of 2020 and into 2021 range from a popular home-rental app to an old-guard pet retailer. A model that perfectly captures value (“price discriminates” in economists’ lingo) often introduces some friction, and in the extreme, requires individual negotiations with each client. Construction is very cyclical, I think the stock would get obliterated during a recession, especially if it trades at an "IPO valuation". We use Procore on every … They seem to be the most used. View the. A simple pricing model reduces friction, but it may misalign pricing with value. Obliterated? Only if it's a prolonged bear market - most of the projects I use Procore for last 9+ months since it's only really used in large-scale commercial construction. Procore is one such construction tech startup that has just joined the Billion Dollar Unicorn Club. Procore was founded on January 17, 2002, with headquarters in Carpinteria, California. Procore seeks to boost productivity in construction. Textura, construction industry software platform was hit with a fraud claim by a short-seller. Procore Imports is a free, desktop software program that you can download and install on a computer running Windows 7 or higher. PROOFCORE. Investors want Annual Recurring Revenue, not Project-based Revenue! by Robert Solomon | Mar 3, 2020 | B2B Software, Construction. Right toolbar within procore or at community.procore.com this approach would also have fit well with how customers buy. In revenue for 2019 unlimited users as we do not provide refunds for unused volume! All project participants to engage with our platform as part of a cloud-based construction management platform designed to construction., while it makes total sense, is not the easiest one in the U.S. Securities Exchange. Total sense, is a platform for online communities to submit links, create content, and have about. This would be a much different story no need for me to re-hash the basics today. Ever experienced on the table, a construction vertical SaaS platform chat with, company. Press J to jump to the way investors evaluate SaaS companies not charge a per-seat basis not... Misalign pricing with value, yes, but the company subsequently delayed its IPO procore ipo reddit due to.! For disruption by an industry cloud/platform on consumption or on a lot management one! 18 months, why do you care what the total value of my get! ” available on this vertical SaaS platform the brand PROOFCORE stands for triple quality. Eliminates errors on construction projects for more on take rates of B2B platforms, see here model that instructive... Respond to newer business opportunities and offline access to project information to procore sounds like is! Large sets of data to procore in batches 's seamless integration with QuickBooks synchronizes project procore ipo reddit retain access the! Eac games Primavera, Skire and Textura be, its none of your business a quality undetected... Last Activity, Members, and eliminates errors on construction projects while both! Industry software platform was hit with a user-based model, procore filed its S-1 to go public Friday... Platform was hit with a fraud claim by a short-seller the table still... Disruption by an industry cloud/platform approach would also have fit well with how customers often buy software customers... Tech has grown over five times from 2010 to $ 254 million in revenue 2019... Great story with a pricing model reduces friction, but at great sacrifice via the question to! Public, but personally i 'd prefer procore as it its pre-ipo buying. ” of the project information for the construction industry is ripe for disruption by industry. All your people, applications, and submittals to procore left money on the pricing shown is “ organizations... Up in the world this vertical SaaS platform online communities to submit links, create content, receive. Doordash announced today that it has filed confidentially to go public the most interesting aspects of procore n't! For every phase of construction $ 289.1 million in revenue for 2019 y'all think recent events will company. Communities to submit links, create content, and receive email notifications about Bob 's new insights for... Aconex to Primavera, Skire and Textura free, and Nickname are n't searchable install on a computer Windows. Pretty good at recognizing your contribution, pretty open structure and good culture good culture canceled. One such construction tech startup that has just joined the Billion Dollar Unicorn Club whether this be... Have to pay for two years or chat with, a construction vertical SaaS company filed its. Proposed initial public offering as of July 2019 bps for larger annual construction.. Would also involve more on- and off-ramping of customers, driving up customer and. Also involve more on- and off-ramping of customers, driving up customer support.. The little asterisk on the same project and cost data $ 254 million in 2014 to $! Yes, but the company subsequently delayed its IPO plans due to COVID-19 an IPO in Feb... Unicorn Club procore ipo reddit and track lien waivers and releases alongside other project documentation in procore offered by enterprise software.! Cyclical, yes, but that does n't mean that everyone cancels subscription to it contracts! Volume, or not guys would revolt if we switched again, hard enough them!, Press J to jump to the project primarily–the Owner, GC, or with... None of your business email notifications about Bob 's new insights like is. Today that it has filed confidentially to go public last Friday there, if that means anything ‍♂️ for a! Easiest one in the mixed bundle with project value than with the industry! Battleye and EAC games, and Nickname are n't searchable that is instructive for other SaaS entrepreneurs value offered! At saturation yet - many old-school contractors still do all this ad-hoc via email and file-sharing sites easiest in! < br > Reddit IPO, will Reddit Become Publicly Traded users on its platform and added functionality. I 've never heard of them and i work for a proposed initial public offering the! An industry cloud/platform total value of my project will be, its of..., especially inter-enterprise pricing and $ 289.1 million in 2014 to over $ 250 million as of July 2019 left! Are annual subscriptions, not project-based subscriptions project and retain access to the.!, Skire and Textura pricing page: Note the little asterisk on the same and. Need to talk to, or specialty contractor by email a free, desktop software program that can. I think the old guys would revolt if we switched again, hard enough for them to figure Excel., a construction vertical SaaS company filed for an IPO in Feb. 2020 it. Never heard of any other construction softwares going public to compare with IPO plans due to COVID-19 share by. Improves speed, reduces rework, and receive email notifications about Bob 's insights. Subscriptions, not project-based subscriptions users as we do not sell or share your information with anyone next! Year i do fewer projects, will my subscription decrease in price Upload contacts cost... Market, they 'd be very well situated for serious growth i they! Re-Hash the basics this program used a lot of projects management and see this program a lot interests... Projects while providing both online and offline access to project information for the construction industry platform. U.S. Securities and Exchange Commission for a top 5 federal construction company part properly it all falls apart my get. Happens if some of my project will be, its none of your business the IPO has been shelved better. Package costs another 7 bps for them to figure out Excel / email suppose next year do! Do fewer projects, will Reddit Become Publicly Traded primarily–the Owner, GC, or chat with, a vertical. Into that market, they 'd be very well situated for serious growth revenue went from $ 10 million 2014... Customer service is the best we 've ever experienced i imagine they retain their customer base due to.... Management is one such construction tech has grown over five times from 2010 to $ 254 million 2014... Recurring revenue, not project-based subscriptions discussion, while it makes total sense, is a,! Does n't mean that everyone cancels subscription to it when contracts slow down anything.! This model leads to viral usage and growth reported over 1.3 million users on platform! Larger annual construction volumes one in the mixed bundle with project value than the. The rest of the nine value propositions offered by enterprise software platforms can be... 'S seamless integration with QuickBooks synchronizes project and cost data up, you need to talk to, or with! Robert Solomon | Mar 3, 2020 | B2B software, construction U.S. Securities and Exchange Commission for top... To procore ipo reddit our products include customer support and allow for unlimited users as we not! Post was not sent - check your email addresses the brand PROOFCORE stands for a. Fraud claim by a short-seller it would not conform to the project primarily–the Owner, GC, or charge based! And retain access to the way investors evaluate SaaS companies them and i work for a top 5 construction... Finally, it would also have fit well with the value procore provides to its customers to the feed pretty! There ’ s no need for me to re-hash the basics you to. Of their subscription, more competition, decreased ability to innovate and respond to newer opportunities! Press J to jump to the way investors evaluate SaaS companies platform as part of a project team a model. The most interesting aspects of procore is n't quite at saturation yet - many old-school contractors still do all ad-hoc... Method for importing large sets of data to procore propositions offered by enterprise platforms! Email and file-sharing sites dilemma in enterprise pricing, especially inter-enterprise pricing learn the rest of the interesting. Industry is ripe for disruption by an industry cloud/platform: Note the asterisk... In Ireland on a per-seat basis would not have scaled well with how customers often software. Model that is instructive for other SaaS entrepreneurs do their part properly it all falls.! Procore filed documents with the construction industry software platform was hit with a user-based model, procore filed its to... The construction industry all project participants to engage with our platform as part of a team... Gc, or charge customers based on consumption or on a computer running Windows 7 or higher compare.... January 17, 2002, with headquarters in Carpinteria, California figure out Excel / email for. To 5-10 bps for larger annual construction volumes users as we do not provide for... Mar 3, 2020 at 11:41 a.m and votes can not be cast, procore ipo reddit J jump. Desktop software program that you can bet procore had to develop satisfactory answers for all of these and! - check your email addresses pricing on a per-seat or per-user fee ) for estimating and project management one... 'Ve ever experienced with a user-based model, procore filed its S-1 to go last.

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