PROCORE TECHNOLOGIES, INC. acquired LaborChart, Inc. for approximately $76.2 million, a transaction completed in October 2021, structured as all cash.
LaborChart, Inc. operates in Workforce / labor management. LaborChart is a labor management solution that facilitates labor scheduling, forecasting, office-to-field communications, certification tracking, data management, and labor analysis. Per the FY2021 10-K, Procore completed the acquisition of all outstanding equity of LaborChart on October 21, 2021 for $76.2 million in cash purchase consideration.
The purpose of this acquisition is to enhance Procore's existing labor management solution.
LaborChart was an existing App Marketplace partner whose workforce data complements Procore's project and financial data. Acquisition added $55.7 million of goodwill; intangibles included $12.8 million developed technology and $11.1 million customer relationships. Folded into Procore's workforce/labor management offering.
Construction is facing a global labor shortage, with contractors struggling to find skilled workers.Tooey Courtemanche, Founder and CEO, Procore Technologies
For too long, the construction industry has lacked technology to effectively manage people—its most important asset.Ben Schultz, Founder and CEO, LaborChart
Advisory firms were not disclosed for this transaction.