Construction management software provider Procore Technologies, Inc. recently announced it agreed to acquire Honest Buildings, Inc., which provides project management software for real estate owners and developers. With the acquisition, Procore will be able to create the construction industry’s first full-stack platform to manage projects from beginning to end. Together, Procore and Honest Buildings will use their platforms to create unified financial and cost tracking from the initial dollar from an investor or lender to its final spend at the subcontractor or material provider level.
Honest Buildings’ data-driven platform is geared towards CRE owners and used to ensure capital and construction projects are finished on time and on budget. The company provides CRE owners direct value by centralizing all projects portfolio-wide, moving workflows from spreadsheets to its platform. CRE owners can also get data to manage capital more strategically. Brookfield, Oxford Properties Group and EQ Office, Blackstone’s U.S. office portfolio company, are among Honest Buildings’ customers.
Meanwhile, Procore provides building owners like Boston Children’s Hospital, The Wonderful Company and ULine with full visibility into their projects through every state of the construction life cycle. Since more than 1,000 real estate developers, owners and construction managers and agents rely on Procore to manage their businesses, the acquisition increases the company’s commitment to those stakeholders.
“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,” Procore Founder and CEO Tooey Courtemanche said in a statement. “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.”
“Honest Buildings has facilitated over $20 billion of projects for the world’s largest owners and fast growing companies,” Honest Buildings CEO and Co-founder Riggs Kubiak said in a release. “Joining Procore will accelerate our growth globally in-building technology that empowers owners and their teams to manage projects and the capital that funds them. Our companies’ missions and cultures align so well that from our first meetings together the energy was palpable. We at Honest Buildings are excited about the speed and impact we can have on the built world by joining the Procore team.”