PROCORE TECHNOLOGIES, INC. acquired Avata Intelligence Inc. for approximately $3.8 million, a transaction completed in February 2020, structured as all cash. The deal was a Asset purchase.
Avata Intelligence Inc. operates in AI / machine learning. On February 3, 2020, Procore acquired intellectual properties, rights and agreements from Avata Intelligence Inc. for $3.8 million in cash consideration, and entered into employment agreements with the majority of Avata's employees (an acqui-hire of IP and talent). Purchase consideration was primarily allocated to developed technology intangible assets with an estimated fair value of $2.2 million.
The purpose of this acquisition is to accelerate the development of the Company's artificial intelligence and machine learning solutions.
AI/ML intellectual property and engineering talent. Excess of purchase consideration over net assets acquired of $1.6 million recorded as goodwill. IP and team absorbed into Procore's AI/ML engineering.
On February 3, 2020, the Company acquired intellectual properties, rights and agreements from Avata Intelligence Inc. (“Avata”) for $3.8 million in cash consideration. As part of the acquisition, the Company also entered into employment agreements with the majority of Avata's employees.Procore Technologies, FY2021 10-K, Business Combinations note
Advisory firms were not disclosed for this transaction.