November 3, 2021: Today, we’re excited and proud to announce that the acquisition is complete: Levelset is now officially part of Procore. Read the official press release here. Below, you can read the message I shared when we first made the announcement in September.
In today’s construction industry, projects that used to get done on a handshake are now buried in red tape, making payment hard and slow.
Burdensome compliance workflows contribute to the construction industry’s median of 90 days sales outstanding and 74 days payable outstanding, the slowest of all industries surveyed across the globe. This creates bad outcomes for everyone in the global construction industry, like cash stress, slow payments, disputes, project delays, cost overruns, and more.
I watched this affect my father’s construction business, and as a young attorney practicing construction law in post-Hurricane Katrina New Orleans, I watched it cripple too many in the industry.
Levelset started with that rock in my shoe.
We saw a world of complex red tape, capital constraints, and opaque information all working together to disempower every stakeholder in a disconnected payment chain.
We developed a vision at Levelset to connect all project stakeholders in a collaborative payment chain that everyone can trust. And we developed a passionate mission to empower everyone in this industry to always get what they earn.
This combination with Procore will bring Levelset that much closer to delivering this mission into the world.
Levelset and Procore are both mission-driven companies, with customer-first products, and people-first teams working to connect and improve the construction industry. I’m excited to work together to help our customers and this industry experience a stress-free payment process, faster payments, and fewer surprises.
We expect the acquisition to be completed in Q4 of this year. At that time, the Levelset team will all be joining Procore, to continue levelsetting the way this industry gets paid and manages financial risk.
For our customers and the market at large, we’ll continue to deliver expert knowledge, 5-star support, and collaborative, data-rich products that empower users to always get what they earn, and we’ll obsess every day about a future world where contractors and suppliers get paid in a day and never lose a night’s sleep about cash.