Announced on July 16, Procore has acquired Honest Buildings, a project management software aimed at owners and developers. The acquisition will make Procore the first construction software that allows the management of projects from first dollar invested to the final dollar spent. Procore is calling it the industry’s first “full-stack platform.”
Honest Buildings was founded in 2012 and currently has over 100 employees. The company is based in New York, NY, but is currently used in 46 states and 7 Canadian provinces. The goal of their software is to “provide direct value to owners by centralizing all projects portfolio-wide, moving workflows out of spreadsheets and onto its platform,” according to the press release.
The move makes sense for Procore, as they already have a over 1,000 real estate developers, owners, and construction manager as agents on their platform.
“Procore and Honest Buildings share a vision that centers around transforming the construction industry, and we have an opportunity to realize this vision through the development of a global platform that connects everyone in construction,” said Tooey Courtemanche, founder and CEO, Procore, the the press release. “Honest Buildings has been solely focused on providing value to owners, and when fully integrated on the Procore platform we will create even greater value by delivering a powerful solution that provides transparency and accessibility of information to general contractors, specialty contractors, and owners on a single system of record.”
The two companies have already worked together in the past on an integration of Honest Buildings’ platform into the Procore software through the Procore app marketplace.
“As Honest Buildings grew, we had more and more owners asking for an integration with Procore so they could get faster, more accurate information on their projects from their contractors who were using Procore,” said CEO of Honest Buildings, Riggs Kubiak,” We worked on and completed an integration through a simple partnership, and that’s how I got to know Tooey Courtemanche, Procore’s founder and CEO.”
I reached out to Procore for additional details regarding how the two products will be integrated, if they will be offered as one package or continue to operate separately, and how much crossover there is currently between the two platforms, but it was a bit too early to answer these questions, as the deal is not officially closed. They did, however, add that they “will be sharing more information regarding the product integration after the deal closes and during our annual conference, Groundbreak, in October.”
If you’d like to learn more about Honest Buildings, you can check out their introduction video they posted to YouTube below: