Construction management software company Procore announced on Wednesday that it has completed its acquisition of Levelset, which helps construction companies get paid on time.
Procore paid $500 million in the acquisition deal – $425 million in cash and $75 million in Procore stock.
Procore helps construction professionals manage risk and build projects safely, on time and within budget. Headquartered in Carpinteria, California, the company has 2,520 employees, 586 of which work in Austin.
Levelset is designed to help the construction industry simplify compliance and payment processes. Headquartered in New Orleans, Levelset employs 300 people, about 60 of which work from Austin.
By acquiring Levelset, Procore will add lien rights management to its platform, enabling the company to manage compliance workflows and improve the payment process in the construction industry.
According to Levelset, lien rights refers to construction companies’ legal authority to file a mechanics lien, a legal claim on the property title, to force a client to pay for the work or materials provided on a construction project.
“Getting paid on time should not stand in the way of successfully and efficiently completing projects,” Procore founder and CEO Tooey Courtemanche said in a statement. “With Levelset’s best-in-class team and technology on board, we’ll be able to offer our customers the ability to easily navigate the complex processes that come with securing lien rights and payments.”
Levelset CEO Scott Wolfe, Jr. said the acquisition will accelerate its mission to reduce the compliance burdens and payment delays for everyone involved in a construction project.
“We’re excited to bring unparalleled innovation to one of the most vexing and time-consuming elements in the industry today,” Wolfe said.
Courtemanche said the acquisition also provides insights to Procore’s construction industry dataset.
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