Procore Technologies, Inc., a provider of construction management software, announced on Oct. 27 it has acquired Esticom, a cloud-based estimating and takeoff platform and specialist in pre-construction technology. Terms of the transaction are not being disclosed.
The acquisition will add powerful estimating functionality to the Procore platform, the company says, complementing Procore's pre-construction offering by enabling greater accuracy in cost estimates, the better to help general contractors and specialty contractors win more bids, while increasing productivity and reducing risk throughout the lifecycle of a project.
As noted by Procore:
During pre-construction, 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's founder and CEO. "Procore is investing in the future of pre-construction, an increasingly important and impactful part of the construction process. Together, Procore and Esticom will deliver a single, comprehensive pre-construction solution on the Procore platform, with data connectivity that helps customers track costs and accurately predict estimates."
With the acquisition of Esticom, Procore notes it extends its product capability into earlier stages of the construction lifecycle, 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 pre-construction by replacing paper plans and spreadsheets, and delivering more accurate estimates. We look forward to further advancing pre-construction as part of the Procore platform," comments Chris Lee, co-founder of Esticom.
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. Current Esticom users will continue to be supported as usual, and the product is available for purchase through Esticom.
"The combination of Procore and Esticom will provide critical feedback to our estimating teams, resulting in increased accuracy for future estimates," asserts Ben Smith, executive vice president, KSC Inc., a leader in specialty architectural metal fabrication. "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 pre-construction."
Learn more about the acquisition and Procore's integration plans at the company's Groundbreak virtual event, being held Oct 27-28.