Construction technology firm Procore said July 29 it will acquire drone data company DroneDeploy, Inc. for $845 million in cash.
DroneDeploy’s reality capture platform for both drone and ground data has been used on more than 3 million jobsites around the world, according to the company. Procore is known for its project management software platform and DroneDeploy has been a player itself in the merger game with its past acquisition of StructionSite.
“Once the acquisition closes, we plan to immediately cross-sell DroneDeploy’s solutions into our broader customer base and vice versa,» said Ajei Gopal, president and CEO of Procore in a statement about the acquisition. «Adding DroneDeploy’s technology into the Procore platform will enable us to accelerate our AI strategy and deliver digital coworkers that track what’s happening on a project, make sense of it, and then take action to change the outcome.»
Neither company responded to inquiries about what this strategy might mean for existing users working with other platforms and how it might impact DroneDeploy’s integrations with competing platforms.
«Over the last decade, our customers have consistently told us the same thing—they want reality capture to be a native part of how they work, not another tool bolted on,” said Mike Winn, CEO of DroneDeploy. “Joining Procore accelerates that mission. Going forward, we remain committed to delivering the best ground and aerial reality capture solutions—deeply integrated into Procore to drive automated action—while building on our early investments in AI and robotics.»
When the transaction closes later this year it will bring together two extensive, domain-specific datasets. Procore’s platform is a boasts nearly 400 million photos, over 126 million drawings, and over 10 million RFIs, submittals, and inspections in the last year alone, according to the company. DroneDeploy has said its visual record of physical builds spans approximately 20 trillion sq ft of visual data for the built world includes tens of millions of user-generated annotations, and more than 100,000 labeled safety issues.
Procore promised that a unifited company would result in a»seamless integration of capabilities purpose-built for construction: real-time perception, advanced reasoning, and a secure, collaborative, and auditable platform where actions are taken.»
Goldman-Sachs is advising Procore in the transaction and Cit is advising DroneDeploy.
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