Procore Technologies, Inc., a provider of construction management software, has announced it has entered an agreement to acquire Honest Buildings, Inc., a provider of project management software for owners and developers. This acquisition, Procore said, will allow the company to create the construction industry’s first platform to manage projects from start to finish.
Together, the companies plan 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’ data-driven platform is built for owners and is used to ensure capital and construction projects are completed on time and on budget. Owners can also harness data to manage capital more strategically.
Customers include global, national, and local owners, including Brookfield, Oxford Properties Group, and EQ Office, Blackstone’s U.S. office portfolio company.
Based in New York, NY, 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 provides owners like Boston Children’s Hospital, The Wonderful Company, and ULine, with full visibility into their projects through every stage of the construction cycle.
“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.”
“Kubiak added, Our companies’ missions and cultures align so well that from our first meetings together the energy was palpable,” said Kubiak. “We at Honest Buildings are excited about the speed and impact we can have on the built world by joining the Procore team.”