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Aug 4, 2021
[1 min Read]
Procore Technologies is the #1 most popular software in the construction industry. There just really isnt anything as good as Procore on the market. (Did someone say SaaS?!)
Ever wonder why 70k/yr construction management jobs straight out of a 4 year degree are plentiful? Its because boomers refuse to use an iPad on the jobsite. Construction is somewhat of a niche business when it comes to software and is among the least digitalized industries in the world, but its changing. Being able to manage an entire jobsite easily with a multitude of workers is a GC's wet dream. Its all on an iPad or your phone with Procore
This company is touting an 82% gross margin and like any other good tech company nowadays, is pumping all their revenue back into R&D but also sales & marketing. Theyre trying to capture as much of the construction industry as they can before another tech company figures out the gold mine that Procore has all by themselves.
They have over 1.6m users across the globe (10k + customers) and have run over 1 trillion dollars of construction volume through the platform. The infrastructure bill is going to be a huge catalyst for Procore as companies look to be more efficient with their government dollars from the infrastructure bill. They already have some of the largest players in the construction industry and will start to move towards acquiring medium/small construction business down the road.
Oh yeah, their earnings is on Thursday which I expect them to blow out of the water.
Position 115C exp 8/20