PROCORE TECHNOLOGIES, INC. acquired Unearth Technologies, Inc. for approximately $9.2 million (developed technology value; $6.8 million cash paid), a transaction completed in September 2023, structured as all cash.
Unearth Technologies, Inc. operates in GIS / asset management. Unearth Technologies is a geographic information systems (GIS) asset management platform that helps general contractors and infrastructure providers connect assets, data, and field teams, and was an existing App Marketplace partner. Per the FY2023 10-K, Procore completed the acquisition of all outstanding equity of Unearth on September 15, 2023, accounted for as an asset acquisition; the total value of developed technology acquired was $9.2 million, comprising $6.8 million in cash paid plus $2.3 million from the tax consequences of the transaction.
In September 2023, we acquired Unearth, a geographic information systems asset management platform that helps general contractors and infrastructure providers connect assets, data, and field teams.
Existing App Marketplace partner with GIS asset-management technology for infrastructure use cases. Folded into Procore's platform for asset and field-team data; acquired developed technology amortized over five years.
On September 15, 2023, the Company completed the acquisition of all outstanding equity of Unearth Technologies Inc. This acquisition was accounted for as an asset acquisition as substantially all of the fair value of the gross assets acquired were concentrated in a single identifiable asset. The total value of developed technology acquired was $9.2 million, which is comprised of $6.8 million in cash paid, $2.3 million as a result of the tax consequences of the transaction, and capitalized transaction expenses, which were immaterial.Procore Technologies, FY2023 10-K, Intangible Assets and Goodwill note
Advisory firms were not disclosed for this transaction.