Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Procore Technologies  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/procore-technologies-inc" target="_blank" data-smartkarma-citation="entities:28882:1" rel="noopener">Procore Technologies (PCT US)</a> is getting ready to complete its IPO in the U.S. stock market in the coming weeks. The company is a global market leader in cloud-based construction management and collaboration software. The company has put the IPO placeholder at $100 million but could raise up to<a href="https://www.nasdaq.com/articles/cloud-based-construction-software-provider-procore-technologies-files-for-an-estimated-" target="_blank" rel="noopener"> $400 million</a>.Established in 2002, Procore Technologies generated sales of $289 million and a net loss of $83 million in 2019. The company has achieved strong revenue growth in the past three years. Nearly all of the company's revenue is derived from subscriptions to its products. Its sales increased at 60.5% CAGR from 2017 to 2019, which is very impressive. Procore Technologies had 4,310 customers at the end of 2017, increasing to 6,095 at the end of 2018 and 8,506 at the end of 2019.One of the global competitors to Procore is <a href="https://www.oracle.com/corporate/pressrelease/oracle-buys-aconex-121717.html" target="_blank" rel="noopener">Aconex</a> which was listed in the Australian stock market before it was acquired by <a href="https://www.smartkarma.com/entities/oracle-corp" target="_blank" data-smartkarma-citation="entities:1065:1" rel="noopener">Oracle Corp (ORCL US) </a>in December 2017 and Aconex was valued at about $1.2 billion, net of its cash.Key Risk Factors:<ul>
<li>Global contagion fears about COVID-19 coronavirus</li>
<li>Lack of profitability</li>
<li>Dependent on the construction industry</li>
</ul>

Procore Technologies (PCT US) is getting ready to complete its IPO in the U.S. stock market in the coming weeks. The company is a global market leader in cloud-based construction management and collaboration software. The company has put the IPO placeholder at $100 million but could raise up to $400 million.Established in 2002, Procore Technologies generated sales of $289 million and a net loss of $83 million in 2019. The company has achieved strong revenue growth in the past three years. Nearly all of the company's revenue is derived from subscriptions to its products. Its sales increased at 60.5% CAGR from 2017 to 2019, which is very impressive. Procore Technologies had 4,310 customers at the end of 2017, increasing to 6,095 at the end of 2018 and 8,506 at the end of 2019.One of the global competitors to Procore is Aconex which was listed in the Australian stock market before it was acquired by Oracle Corp (ORCL US) in December 2017 and Aconex was valued at about $1.2 billion, net of its cash.Key Risk Factors:
Global contagion fears about COVID-19 coronavirus
Lack of profitability
Dependent on the construction industry


United States

Procore Technologies, Inc. provides software solutions. The Company develops cloud-based construction management software. Procore Technologies serves customers worldwide.

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Procore Technologies (PCOR US)

Procore Technologies IPO Preview

Procore Technologies (PCT US) is getting ready to complete its IPO in the U.S. stock market in the coming weeks. The company is a global market...

Douglas Kim

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