CARPINTERIA, California (October 27, 2020)—Procore Technologies Inc. announced it has acquired Esticom, a cloud-based estimating and takeoff solution and provider of preconstruction technology. This acquisition will add powerful estimating functionality to the Procore platform, complementing Procore's preconstruction offering by enabling greater accuracy in cost estimates, helping general contractors and specialty contractors win more bids, increasing productivity, and reducing risk throughout the life cycle of a project. Terms of the transaction are not being disclosed.
During preconstruction, project planning takes place to define the project details, identify potential issues, finalize designs and drawings, define project budget, scope and schedule. Esticom helps the construction industry streamline the traditionally cumbersome process of estimation and takeoff. It enables contractors to quickly determine the quantities of materials needed on a job using project drawings and specifications, and then calculate labor and material cost estimates using a built-in catalogue of materials and assemblies.
"We welcome the Esticom team to Procore," said Tooey Courtemanche, Procore founder and chief executive officer. "Procore is investing in the future of preconstruction, an increasingly important and impactful part of the construction process. Together, Procore and Esticom will deliver a single, comprehensive preconstruction solution on the Procore platform, with data connectivity that helps customers track costs and accurately predict estimates."
With the acquisition of Esticom, Procore extends its product capability into earlier stages of the construction life cycle connecting owners, general contractors and speciality contractors on a single platform.
"Contractors who use Esticom typically see a three-fold increase in the number of construction projects they can estimate, and a five-fold increase in takeoff speed. Esticom is modernizing preconstruction by replacing paper plans and spreadsheets, and delivering more accurate estimates. We look forward to further advancing preconstruction as part of the Procore platform," said Chris Lee, cofounder of Esticom.
"The combination of Procore and Esticom will provide critical feedback to our estimating teams, resulting in increased accuracy for future estimates," said Ben Smith, executive vice president of KSC Inc. "Additionally, it will eliminate costly and cumbersome activities that come with on-boarding our operations teams. I'm excited for what this means for the future of preconstruction."
Procore plans to fully integrate Esticom into the Procore platform in 2021. In the interim, Esticom will remain a partner on the Procore App Marketplace, with an existing integration where estimates can be exported to generate a project budget directly within Procore.
