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Procore to acquire DroneDeploy for about $845 million in cash
The deal combines DroneDeploy’s reality capture tools with Procore’s platform to support AI workflows, and Procore plans to cross-sell DroneDeploy to its customers.
Procore Technologies plans to acquire DroneDeploy, a robotics and visual intelligence platform used across more than 3 million jobsites in over 180 countries, for approximately $845 million in cash, according to Coverager.
The companies said the acquisition is intended to expand Procore’s AI strategy by pairing DroneDeploy’s aerial and ground capture capabilities with Procore’s construction management platform, enabling AI workflows that can identify jobsite issues, document observations, and trigger actions.
DroneDeploy’s technology includes drones, ground robots, mobile devices, fixed cameras, and wearable cameras. After the transaction closes, Procore plans to cross-sell DroneDeploy products to its customer base and integrate the technology into its platform.
Coverager also reported that Procore plans to leverage its construction dataset of nearly 400 million photos, 126 million drawings, and 10 million RFIs, submittals, and inspections, along with DroneDeploy’s visual dataset covering about 20 trillion square feet. The integration also aims to use automation to help keep users in compliance, reducing the risk of expensive insurance-related fines, and Procore customer underwriting credits are expected to lower premiums.