兔子先生传媒

Construction tech unicorn 听丑补蝉 its third startup in 12 months as part of its plan to broaden its offerings through M&A.

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Late yesterday, the southern California company announced its buy of , an AI-driven analytics company for the construction industry. This follows Procore鈥檚 July of , a provider of project management software for owners and developers, and its September 2018 acquisition of , a visual BIM (building information modeling) collaboration platform for construction and facilities management.

Founded in 2002, Procore鈥檚 cloud-based software is aimed at streamlining a variety of processes for the construction industry, a sector that has historically been slow to adopt technology. Per , 鈥淧rocore connects people, applications, and devices through a unified platform to help construction professionals manage risk and build quality projects鈥攕afely, on time, and within budget.鈥�

Procore, which operates as a SaaS company, has seen impressive growth in recent years. It currently has more than 1,800 employees, up 600 compared to a year ago, across 13 offices globally. Procore has also seen its ARR (annual recurring revenue) surge from under $10 million in 2014 . In December, we reported how the company had tripled its valuation to $3 billion after raising a $75 million Series H from Tiger Global Management.

Yesterday, I talked with Procore Founder and CEO by phone about the company鈥檚 M&A strategy, and he told me 鈥渢his is just the beginning.鈥�

鈥淲e have a full-time team of folks evaluating opportunities for us to bring cultures, products and companies into the Procore ecosystem through M&A,鈥� he said. 鈥淲e have a deep pipeline of companies we鈥檙e always looking at, and expect to do at least one more this year.鈥�

In the case of Construction BI, the company鈥檚 founder Jason Ramsey had built his product on Procore鈥檚 app marketplace in 2017. After hearing nothing but 鈥済reat things鈥� from its customers who had adopted the technology, Procore made the move to acquire the company and integrate it into its platform.

Overall, M&A has been rampant in the construction tech industry, as we reported in May 2018. Over the years, large tech companies have been scooping up industry-focused startups that were developing relevant technologies faster than they could. These days, we鈥檙e just seeingin the space in general, according to 兔子先生传媒 data. For example, in June -backed , a provider of design and construction-related services to broadband service providers, announced it had purchased , a specialized civil engineering and construction firm. And, software giant 聽acquired three startups last year, including its $875 million purchase of and $275 million buy of .

Meanwhile, funding in the space appears to have reached a peak in 2018, and has slowed some this year so far.

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