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As we鈥檝e reported extensively, construction tech is one of those spaces that has not been considered traditionally sexy. It is, however, an industry that is growing both in terms of the number of companies receiving funding in the space and in terms of more mainstream investor interest. It鈥檚 also seeing more exits.

Southern California-based Procore is reportedly working with Goldman Sachs Group to lead an IPO, which could value the seventeen-year-old company at more than $4 billion, according to Bloomberg, which cited 鈥減eople with knowledge of the matter.鈥� 聽In December, we reported how the company had tripled its valuation to $3 billion after raising a $75 million Series H from .

Bloomberg wrote: 鈥淭he company is preparing an IPO for this year or early next year, said one of the people, asking not to be identified because the information is private.鈥�

I reached out to the company for comment but it declined to provide any.

Last month, I reported on Procore acquiring its third startup in 12 months as part of its plan to broaden its offerings through M&A.

Procore, which operates as a SaaS company, has seen impressive growth in recent years. As of August, it had more than 1,800 employees, up 600 compared to a year ago, across 13 offices globally. Procore has also seen its ARR (annual recurring revenue) surge from under $10 million in 2014 . In August, I talked with Procore Founder and CEO by phone about the company鈥檚 M&A strategy, and he told me then that was 鈥渏ust the beginning.鈥�

Overall, M&A has been rampant in the construction tech industry, as we reported in May 2018. Over the years, large tech companies have been scooping up industry-focused startups that were developing relevant technologies faster than they could. These days, we鈥檙e just seeingin the space in general, according to 附近上门 data. For example, in June -backed , a provider of design and construction-related services to broadband service providers, announced it had purchased , a specialized civil engineering and construction firm. And, software giant acquired three startups last year, including its $875 million purchase of and $275 million buy of .

Meanwhile, funding in the space appears to have reached a peak in 2018, and has slowed some this year so far. Last month, we reported on closing on a $97.2 million fund to invest in construction tech startups. I鈥檝e also covered a number of recent fundings in the space, while not necessarily large, involved some big name investors. Last week, for example, I wrote about , which has developed a cloud-based software product designed for those working in the construction field, raising $33.5 million in a round led by .

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Late yesterday, the southern California company announced its buy of , an AI-driven analytics company for the construction industry. This follows Procore鈥檚 July of , a provider of project management software for owners and developers, and its September 2018 acquisition of , a visual BIM (building information modeling) collaboration platform for construction and facilities management.

Founded in 2002, Procore鈥檚 cloud-based software is aimed at streamlining a variety of processes for the construction industry, a sector that has historically been slow to adopt technology. Per , 鈥淧rocore connects people, applications, and devices through a unified platform to help construction professionals manage risk and build quality projects鈥攕afely, on time, and within budget.鈥�

Procore, which operates as a SaaS company, has seen impressive growth in recent years. It currently has more than 1,800 employees, up 600 compared to a year ago, across 13 offices globally. Procore has also seen its ARR (annual recurring revenue) surge from under $10 million in 2014 . In December, we reported how the company had tripled its valuation to $3 billion after raising a $75 million Series H from Tiger Global Management.

Yesterday, I talked with Procore Founder and CEO by phone about the company鈥檚 M&A strategy, and he told me 鈥渢his is just the beginning.鈥�

鈥淲e have a full-time team of folks evaluating opportunities for us to bring cultures, products and companies into the Procore ecosystem through M&A,鈥� he said. 鈥淲e have a deep pipeline of companies we鈥檙e always looking at, and expect to do at least one more this year.鈥�

In the case of Construction BI, the company鈥檚 founder Jason Ramsey had built his product on Procore鈥檚 app marketplace in 2017. After hearing nothing but 鈥済reat things鈥� from its customers who had adopted the technology, Procore made the move to acquire the company and integrate it into its platform.

Overall, M&A has been rampant in the construction tech industry, as we reported in May 2018. Over the years, large tech companies have been scooping up industry-focused startups that were developing relevant technologies faster than they could. These days, we鈥檙e just seeingin the space in general, according to 附近上门 data. For example, in June -backed , a provider of design and construction-related services to broadband service providers, announced it had purchased , a specialized civil engineering and construction firm. And, software giant 聽acquired three startups last year, including its $875 million purchase of and $275 million buy of .

Meanwhile, funding in the space appears to have reached a peak in 2018, and has slowed some this year so far.

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