Project management software giant Procore Technologies Inc has held its cards close to its chest in the decision to go public, but last Friday the answer came forth loud and clear as the company filed the paperwork with the U.S. Securities and Exchange Commission (SEC) announcing its plans for an initial public offering (IPO). No date for the IPO has been set, but they say it will happen in the “near future”.
In its S-1 – “Registration Statement Under the Securities Act of 1933,” Procore provided information regarding its financial position, achievements and even investor risks, all of which are designed to give the public a solid idea of what the company is all about prior to the sale. That includes information that Procore was not obligated to divulge as a private company.
Procore reported its annual revenue was $289.2 million, a huge leap up from 2018’s $186.4 million and 2017’s $112.3 million. In those years, the customer base has almost doubled. Last year, each client invited about 170 users, bringing up Procore to a total of 1.3 million users at the end of 2019. Customers are currently being offered a special where they can invite an unlimited number of users at no additional charge, with the goal of encouraging “rapid, widespread adoption.”
Although no prices have been set for the IPO, Procore claims the company has a $9.4 billion annual market opportunity.