Procore Technologies, a provider of construction management software, announced it will acquire Honest Buildings, a project management software company whose early backers were Jared and Josh Kushner.
The acquisition will allow Procore to create the construction industry’s first full-stack platform to manage projects from start to finish.
The companies will use their platforms to create unified financials and cost tracking from the first dollar in from the investor or lender to its final spend at the subcontractor or material provider level.
Honest Buildings’ platform is purpose-built for owners and is used to ensure capital and construction projects are completed on time and on budget. Customers include Brookfield, Oxford Properties Group, EQ Office, Blackstone’s U.S. office portfolio company.
Based in New York, Honest Buildings was founded in 2012 by CEO and co-founder Riggs Kubiak. The company’s over 100 team members, including additional co-founders Cody Roberts and Garrett Kubiak, will join the Procore team, expanding the company’s New York City presence.
“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.
“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. 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,” said Riggs Kubiak, CEO and co-founder of Honest Buildings.
“The integration of platforms designed for owners and contractors is a game-changer for anyone executing major development projects,” said Ric Clark, Chairman of Brookfield Property Group and Brookfield Property Partners.
“Our construction and asset management teams have different needs and preferences, and the Procore and Honest Buildings combined platform will provide them best-in-class software that covers the full lifecycle of a project.”