PROCORE TECHNOLOGIES, INC. acquires Indus.ai, Inc.

PROCORE TECHNOLOGIES, INC. acquired Indus.ai, Inc. for approximately $24.3 million, a transaction completed in May 2021, structured as all cash.

Indus.ai, Inc. operates in AI / analytics, is based in Canada. Indus.ai is a Canada-based privately held company that offers an artificial intelligence-powered analytics platform to provide actionable insights for the construction industry. Per the FY2021 10-K, Procore acquired 100% of the outstanding voting interests in Indus on May 3, 2021 for purchase consideration of $24.3 million in cash, of which $4.1 million was held back to secure indemnification obligations.

The purpose of this acquisition is to accelerate the development of the Company's artificial intelligence and machine learning solutions.

AI/ML platform purpose-built for construction analytics. Purchase consideration primarily allocated to developed technology intangible assets with an estimated fair value of $14.8 million. Absorbed into Procore's AI and machine learning development.

On May 3, 2021, the Company completed the acquisition of Indus.ai Inc. (“Indus”), a Canada-based privately held company that offers an artificial intelligence-powered analytics platform to provide actionable insights for the construction industry, by acquiring 100% of the outstanding voting interests in Indus for purchase consideration of $24.3 million in cash.Procore Technologies, FY2021 10-K, Business Combinations note

Advisory firms were not disclosed for this transaction.

You're subscribed.

Thanks for signing up.