1. Procore acquires Novorender and FlyPaper to enhance BIM capabilities. 2. Acquisitions aim to streamline coordination and improve construction data visualization. 3. Novorender's technology enhances model integration speed by 25x industry standards. 4. FlyPaper's algorithm improves 3D design coordination and clash detection. 5. BIM adoption is rising due to government mandates and large projects.
These acquisitions strengthen Procore's market position and expand their service capabilities. Historical examples show acquisitions can lead to increased stock valuations when strategically aligned.
The enhancements to Procore's offerings and market share could lead to significant financial growth.
As Procore integrates these technologies, market demand will likely increase, leading to revenue growth over time. Successful technological integration has historically resulted in sustained stock price increases.
CARPINTERIA, Calif. & LONDON--(BUSINESS WIRE)-- Procore Technologies, Inc. (NYSE: PCOR), a leading technology partner for every stage of construction, today announced investments in its Building Information Modeling (BIM) capabilities. Expanding on its existing BIM offerings, Procore has announced its acquisitions of Novorender and FlyPaper, which upon integration will empower owners and contractors worldwide to unlock BIM, streamline coordination, and connect critical BIM data seamlessly across the Procore platform.
In recent years, BIM adoption has accelerated, driven by European government mandates and a rise in global megaprojects with complex data requirements, including data center construction and civil infrastructure projects. However, the full potential of BIM data often goes unrealized due to limitations in accessing and visualizing complex models effectively.
"We’re excited to combine the power of Novorender and FlyPaper’s best-in-class BIM solutions into the Procore platform. BIM is an accelerant in the future of data-driven construction, and these additions will supercharge Procore's existing BIM capabilities," said Steve Davis, President, Product & Technology, Procore. "Together, we’re working to deliver the most performant model-based construction management platform for large, complex projects."
Procore Acquires Novorender to Advance BIM-Powered Construction Management
Founded by CEO Tore Hovland in 2016 in Stavanger, Norway, Novorender is one of the world's fastest 3D model viewers and BIM platforms. The company’s 3D-rendering technology brings construction management beyond 2D, supporting every phase of the build lifecycle, from preconstruction to operations. Novorender’s patented BIM technology can process and combine models at 25x the speed of current construction industry standards, making it much faster to bring all of the parts of a project together.
"We are thrilled to join forces with Procore to continuously bring BIM to the forefront of construction management," said Tore Hovland, CEO, Novorender. "Novorender's ability to render sizable models in seconds will exponentially increase Procore's BIM processing power, enabling project teams around the globe to integrate complex models with new speed and efficiency."
Procore Acquires FlyPaper Technologies to Power the Next Generation of AI-Model Detection
Procore is further building on its connected BIM offering with the acquisition of FlyPaper Technologies, makers of Navisworks plugin Sherlock. A longtime Procore technology partner, FlyPaper’s advanced algorithm is already leveraged by some of Procore’s ENR 400 customers. Once FlyPaper is integrated, Procore BIM customers can gain access to automated and streamlined 3D design coordination, clash detection, and collaboration to improve predictability, reduce rework costs, and bolster jobsite safety.
Upon integration, Procore's BIM offering will provide the global construction industry with visibility into the most complex BIM models, alongside integrated design coordination and clash detection capabilities to further simplify BIM throughout the course of construction.
For more information about Procore’s BIM solutions, visit Procore.com.
About Procore
Procore Technologies, Inc. (NYSE: PCOR) is a leading technology partner for every stage of construction. Built for the industry, Procore’s unified technology platform drives efficiency and mitigates risk through AI & data-driven insights and decision making. Over three million projects have run on Procore across 150+ countries. For more information, visit www.procore.com.