Procore Technologies, Inc. (PCOR) revealed that it has acquired LaborChart, a provider of workforce management software for specialty contractors and self-performing general contractors. Financial terms of the deal have not been disclosed so far.
While Procore’s Field Productivity product helps contractors track employee time and get insights into team productivity, LaborChart’s solutions enable them to plan, schedule and forecast effectively.
Together, these solutions will give contractors a holistic view of their workforce, schedule and budget. The companies plan to fully integrate LaborChart with Procore. (See Procore stock chart on TipRanks)
The Founder and CEO of Procore, Tooey Courtemanche, said, “The acquisition of LaborChart, along with our recently announced agreement to acquire Levelset, adds complementary insights to Procore’s robust construction industry dataset. By combining project data, workforce data, and risk intelligence, customers can access a more complete view of the construction process that will help them build smarter.”
Last month, Piper Sandler analyst Brent Bracelin maintained a Buy rating on Procore with a price target of $115 (14.5% upside potential). (See Top Smart Score Stocks on TipRanks)
Bracelin said, “Further proof points of success expanding into construction fintech could further enhance growth prospects and ability to capture a larger portion of the trillion dollar construction industry.”
Overall, the Street is bullish on the stock and has a Strong Buy consensus rating based on 7 Buys and 2 Holds. The average Procore price target of $109 implies upside potential of about 8.5% from current levels.
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