Procore Technologies, Inc. (PCOR): History, Ownership, Mission, How It Works & Makes Money

In the realm of construction management software, is Procore Technologies, Inc. (PCOR) a name you recognize? This leading global provider isn't just another tech company; it's a key player with a $9.07B market cap, helping to streamline processes and boost productivity in the construction industry.

With a 21% year-over-year revenue increase, reaching $1,152 million in 2024, Procore has demonstrated robust financial performance and continues to strengthen its market position. Intrigued to learn more about Procore's journey, its mission, and how it's shaping the future of construction? Then keep reading to discover the ins and outs of this industry-leading company.

Procore Technologies, Inc. (PCOR) History

Procore's Founding Timeline

Year established

Procore Technologies, Inc. was founded in 2002.

Original location

The company was originally located in Carpinteria, California.

Founding team members

The founder of Procore Technologies is Tooey Courtemanche.

Initial capital/funding

In 2004, Procore received $2 million in initial funding from angel investors to develop its cloud-based project management software.

Procore's Evolution Milestones

Procore's Transformative Moments

• Transition to Cloud-Based Platform: Early on, Procore recognized the potential of cloud technology to revolutionize construction project management. This move allowed for real-time collaboration and data accessibility, setting it apart from traditional software solutions.
• Focus on User Experience: Procore dedicated significant resources to understanding the needs of construction professionals, leading to a user-friendly interface and features tailored to the industry's specific challenges.
• Strategic Acquisitions: Procore has made several strategic acquisitions to expand its capabilities and market reach, such as:
  • 2014: Acquired PlanGrid for $875 million in cash and stock in 2018, integrating its mobile-first construction productivity software.
• Expansion of Product Offerings: Over the years, Procore expanded its platform to include a wide range of tools for project management, quality control, safety, and financial management, creating a comprehensive solution for construction companies.

To gain more insight into the company's guiding principles, explore: Mission Statement, Vision, & Core Values of Procore Technologies, Inc. (PCOR).

Procore Technologies, Inc. (PCOR) Ownership Structure

The ownership structure of Procore Technologies, Inc. is distributed among a mix of institutional investors, company insiders, and individual shareholders, reflecting its status as a publicly traded company.

Procore's Current Status

Procore Technologies, Inc. is a publicly traded company, listed on the New York Stock Exchange (NYSE) under the ticker symbol PCOR. This means that shares of the company are available for purchase by the general public, and the company is subject to regulations and reporting requirements set forth by the U.S. Securities and Exchange Commission (SEC).

Procore's Ownership Breakdown

As a publicly traded company, Procore's ownership is distributed among various shareholders. The following table provides an overview of the ownership breakdown:

Procore's Leadership

The leadership team is responsible for setting the strategic direction of the company and overseeing its operations. Key members of the leadership team as of April 2025 include:

• Tooey Courtemanche: Founder, President and Chief Executive Officer
• Bryan Moorhead: Chief Financial Officer
• Dennis Lyandres: President and General Manager, Financial Technology
• Steve Davis: President and General Manager, Product & Technology

More information about Procore's mission and values can be found here: Mission Statement, Vision, & Core Values of Procore Technologies, Inc. (PCOR).

Procore Technologies, Inc. (PCOR) Mission and Values

The company's mission is to connect everyone in construction on a single platform, while its core values emphasize ownership, openness, and optimism.

Procore's Core Purpose

Official mission statement

Procore's mission statement is: 'To connect everyone in construction on a single platform.'

• This mission reflects the company's focus on streamlining construction processes and improving collaboration among stakeholders.
• By creating a unified platform, Procore aims to enhance efficiency, transparency, and communication across all phases of construction projects.

Vision statement

While a specific, formally declared vision statement is not explicitly available in the provided context, Procore's overarching vision can be inferred from its mission and values. It appears to be focused on leading the digital transformation of the construction industry.

• This involves creating a future where construction projects are managed with greater efficiency, transparency, and collaboration through the use of technology.
• The company's vision also extends to fostering a culture of innovation and continuous improvement within the industry.

Company slogan/tagline

While there is no single official slogan or tagline universally associated with Procore, the company often emphasizes themes of connectivity, collaboration, and innovation in its messaging.

For more in-depth information, you can explore: Mission Statement, Vision, & Core Values of Procore Technologies, Inc. (PCOR).

Procore Technologies, Inc. (PCOR) How It Works

Procore Technologies, Inc. operates as a software-as-a-service (SaaS) company, offering a platform that streamlines construction project management by connecting owners, general contractors, and specialty contractors.

Procore's Product/Service Portfolio

Procore's Operational Framework

Procore's operational framework is built around providing a comprehensive, cloud-based platform that addresses the key needs of construction project stakeholders. The company drives value creation through several key processes:

• Cloud-Based Platform: Procore offers a centralized, cloud-based platform that integrates various construction management tools, facilitating real-time data sharing and collaboration among project stakeholders.
• Subscription Model: Procore employs a subscription-based revenue model, providing customers with access to its platform and services for a recurring fee. This model ensures a predictable revenue stream and fosters long-term customer relationships.
• Data-Driven Insights: Procore's platform captures vast amounts of project data, which is then analyzed to provide actionable insights for improving project outcomes. These insights help customers optimize resource allocation, mitigate risks, and enhance decision-making.
• Mobile Accessibility: Procore's mobile apps enable field workers to access critical project information, update progress, and communicate with team members in real-time, improving productivity and reducing errors.
• Customer Support and Training: Procore provides extensive customer support and training resources to ensure that users can effectively utilize the platform and maximize its value.

Procore's Strategic Advantages

Procore's success in the construction management software market can be attributed to several strategic advantages:

• Comprehensive Platform: Offers a comprehensive suite of tools that address the entire construction project lifecycle, from preconstruction to closeout.
• Focus on Construction Industry: Procore's deep understanding of the construction industry allows it to develop solutions that are specifically tailored to the needs of its customers.
• Strong Network Effects: As more construction companies and professionals adopt Procore, the platform becomes more valuable to all users, creating strong network effects.
• Integration Ecosystem: Procore integrates with a wide range of third-party applications, allowing customers to connect their existing systems and workflows.

To gain more insights into the investors of Procore, feel free to check this link: Exploring Procore Technologies, Inc. (PCOR) Investor Profile: Who’s Buying and Why?

Procore Technologies, Inc. (PCOR) How It Makes Money

Procore Technologies, Inc. primarily generates revenue by providing a cloud-based construction management platform. This platform helps construction companies manage projects, resources, and financials from project inception to closeout.

Procore's Revenue Breakdown

Procore's Business Economics

Procore's business economics are underpinned by a subscription-based model that offers predictable recurring revenue. Key aspects include:

• Subscription Model: Procore offers its platform through tiered subscription plans, providing customers access to various modules and features based on their needs. This model ensures a steady revenue stream and fosters long-term customer relationships.
• Gross Margins: The company benefits from high gross margins typically associated with SaaS businesses. These margins reflect the scalability of the platform and the relatively low cost of serving additional customers.
• Customer Retention: A critical factor in Procore's business economics is its ability to retain customers. High retention rates, driven by the platform's value proposition and integration into customers' workflows, contribute to sustainable growth.
• Expansion Potential: Procore can expand its revenue by upselling existing customers to higher-tiered plans or cross-selling additional modules. This expansion potential enhances the lifetime value of each customer.

Procore's Financial Performance

Procore's financial performance is characterized by strong revenue growth and improving efficiency. Key highlights include:

• Revenue Growth: Procore has demonstrated significant year-over-year revenue growth, driven by increased adoption of its platform across the construction industry. For example, in 2024, Procore's revenue increased to $1.133 billion, representing a 29% increase compared to $876 million in 2023.
• Gross Profit: The company maintains a healthy gross profit margin. In 2024, Procore reported a gross profit of $928 million, or 82%, compared to $709 million, or 81%, in 2023.
• Operating Expenses: While Procore invests heavily in sales and marketing and research and development, its operating expenses as a percentage of revenue have been decreasing, indicating improved operational efficiency.
• Net Losses: Although Procore has historically reported net losses, these losses have been narrowing as the company scales and benefits from operating leverage. In 2024, Procore's net loss was $79 million, compared to a net loss of $142 million in 2023.
• Cash Flow: Procore's cash flow from operations has been improving, reflecting its growing revenue base and efficient working capital management.

To gain more insights into the company's investors and their rationale, check out: Exploring Procore Technologies, Inc. (PCOR) Investor Profile: Who’s Buying and Why?

Procore Technologies, Inc. (PCOR) Market Position & Future Outlook

Procore Technologies holds a significant position in the construction management software industry, poised for continued growth through strategic initiatives and market opportunities, though not without facing certain risks.

Competitive Landscape

Opportunities & Challenges

Industry Position

Procore Technologies maintains a leading position in the construction management software market due to its comprehensive platform, strong brand recognition, and focus on customer success.

• Procore's cloud-based platform enables seamless collaboration and communication among project stakeholders, improving efficiency and reducing errors.
• The company's extensive app marketplace and integration capabilities allow customers to customize the platform to meet their specific needs.
• Procore's focus on data and analytics provides valuable insights into project performance, helping customers make better decisions and improve outcomes.

Further insights into Procore's financial stability and growth potential can be found here: Breaking Down Procore Technologies, Inc. (PCOR) Financial Health: Key Insights for Investors