Merging Proptech: Honest Buildings Acquired by Procore

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.