Merging Proptech: Honest Buildings Acquired by Procore

The Carpinteria, CA-based construction management software company bought the New York City-based data-driven company which helps manage capital and construction projects.

Tooey Courtemanche, founder and CEO of Procore, in front of Procore’s headquarters, Carpinteria, CA/ Image courtesy of Procore

NEW YORK CITY—Procore Technologies, Inc., which provides construction management software, agreed to buy Honest Buildings, Inc., a company that creates project management software for owners and developers. This acquisition is aimed at enhaning Procore’s ability to manage projects from start to finish. The companies plan to use their platforms to create unified financials and track costs from the initial investments to the final expenditures at the subcontractor or material vendor level.

Honest Buildings’ technology collects data which it uses to help keep capital and construction projects on budget and on schedule. It centralizes all projects throughout a real estate firm’s portfolio—getting them off separate spreadsheets and onto the unified platform. This allows full visibility throughout the construction life cycle. Owners can use the data to strategically manage projects. Company clients have included Brookfield, Oxford Properties Group, and EQ Office, Blackstone’s US office real estate portfolio.

In 2012, CEO Riggs Kubiak co-founded Honest Buildings with Cody Roberts and Garrett Kubiak in New York City. The company’s 100 employees including its co-founders will join Procore. An Honest Buildings spokesperson tells GlobeSt.com that they will continue to work at their current Lower Manhattan location at 115 Broadway, operating under Procore, expanding the company’s New York City presence. Procore will continue to invest in Honest Buildings’ products and platform.

More than 1,000 real estate developers, owners, and construction managers use Procore for their businesses. The company’s clients include Boston Children’s Hospital, The Wonderful Company and ULine.

Tooey Courtemanche, Procore’s founder and CEO, states the acquisition will allow the development of a global platform that connects everyone in construction.

“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,” says Courtemanche.