Procore, the construction management software company, has been rumored to be interested in filing for an IPO since at least 2019. In the Spring of 2020, Procore ended up delaying its plans to go public after it received $150million in funding and a valuation of around $5 million, citing interest in raising more money amidst an uncertain economy during the heart of the coronavirus pandemic.
That turned out to be a pretty good move for the company, as Procore officially went public on May 20, raising $634.5 million on a $8.5 billion evaluation. As of the close of the NYSE on May 25, Procore’s (NYSE: PCOR) stood around $82 per share.
“Procore’s IPO is a significant moment in our journey. Even though I founded Procore nearly twenty years ago, it feels like we're just getting started. The construction industry is in the early stages of massive digital transformation. We are proud to be at the forefront of this shift, partnering with the industry that builds the world around us,” Procore Founder & CEO Tooey Courtemanche said in a statement following the announcement.
courtesy of Procore
Despite some continued uncertainty surrounding recent IPOs, Procore’s has been regarded as successful one. Reuters stated that strong debuts from both Procore and Oatly Group AB helped to “ease investor concerns.”
The Motley Fool broke down the numbers behind Procore’s current business standing. The software company currently has over 1.6 million users globally spread across 10,000 business customers. Over the past 3 years, Procore has seen a 256% increase in revenue, amassing $400 million in 2020 alone.
Even at a revenue of that size and an 82% gross margin, Motley says, Procore is still unprofitable as it spent 78% of it’s revenue last year to help grow its customer base through sales, marketing, research, and development.
To check out highlights of Procore at its NYSE debut, check out the video below:
The following is a guest article by SentrifForce. SentriForce is a leading provider ofmanaged video surveillance. With intelligent, scalable, and effective security services, you can minimize risk and keep your assets secure.
It’s a morbid statistic, but the construction industry experiences more workplace deaths than any other. With so many potential hazards, heavy-duty machinery, and power tools, it’s perhaps not surprising that serious accidents are relatively commonplace.
However, safety risks are far from the only threat that construction sites are exposed to. Security is another major risk for many construction sites, with theft and vandalism commonplace and the exposed nature of many sites making them notoriously difficult to protect.
In this article, we’re going to discuss the best practice steps and technological innovations you can implement to minimize the safety and security risks on your construction site.
1. Be aware of the risks
The first step to creating a safer job site is to understand what risks are present. You need to conduct a thorough risk assessment before your workers step foot on the site. This should involve a comprehensive survey of the site to identify potential causes of harm. If any problem is identified, it should be written down and made known to every worker.
Construction sites are also a highly profitable magnet for criminals. For example, the theft of fuel, materials, and even the personal possessions of construction workers is extremely common. That’s because items such as vehicles, generators, materials, and tools are high value and easy to sell. So, it’s vital that you’re aware of the threats and put appropriate security measures in place.
In many cases, construction sites are the victim of carefully planned thefts, but opportunistic thieves who realize that a site is not adequately protected also pose a threat. There are also other security risks that construction firms need to be aware of. For example, vandalism and arson are also relatively common. This can be carried out at random or by people opposed to the site for personal or commercial reasons.
Although you’ll never be able to remove all of the risks entirely, putting a comprehensive plan in place will play a big part in safeguarding your workers and your site.
2. Use the latest technology
These days, there are many innovative tools and solutions that can help manage construction risks and improve site safety and security levels. One example is job site surveillance cameras, which are increasingly being installed on construction sites around the world.
One of the key benefits of this type of technology is the number of risks it can help construction sites to mitigate. For example, construction site video surveillance can help to ensure that all workers adhere to the correct safety standards and wear personal protection equipment (PPE) when required. In the unfortunate event that an accident does occur, the cameras can identify the root cause of the problem and determine whether safety protocols have been followed.
As well as improving safety compliance on site, surveillance cameras can also help protect assets such as heavy machinery from theft. Job site cameras can be monitored live to provide around-the-clock peace of mind, while audible alarms and remote voice broadcasts can act as a strong deterrent. If there is a security breach, the video footage can form a significant part of the investigation and prosecution.
3. Make site meetings a meaningful event
Site meetings should become much more than just a box-ticking exercise. They should be held regularly, even daily if you’re working on a high-risk site, and employees should be encouraged to speak up about any safety hazards or security issues they’ve encountered.
Simply encouraging workers to talk about safety and security in an open and honest way will make them more aware of their surroundings and the risks they face. Staying alert to the dangers of a construction site is one of the most effective ways to reduce the likelihood of an incident.
4. Provide regular training
It’s one thing to understand the risks, but it can be challenging to implement measures to minimize them without adequate training. Ensuring everyone on site is trained to a reasonable level and understands what to do in the event of an accident is critical to maintaining a good workplace safety record. Training can include everything from how to use machinery or ladders safely to the steps workers must take to keep the site clean, tidy, and hazard-free.
In terms of the site’s security, there are several issues that training can help reduce. Vehicle vulnerability is something that every construction worker needs to be aware of. Regular training can ensure that workers understand the protocols, such as where keys should be kept and how vehicles must be left. Site access points are another high-risk area on job sites. The constantly changing arrangements and access points can lead to vulnerabilities that regular on-site meetings and training can help to address.
5. Jobsite security essentials
We’ve already discussed the role that job site surveillance can play in keeping construction sites secure, but that’s just one small element of the physical security measures that can be put in place. Other job site security essentials include:
Alarm systems and signage - Highly visible alarm systems and signage can act both as a strong deterrent and a quick alert system if security is breached.
Access control - As well as keeping access points to a minimum, controlling those access points through security gating and manned entrances will enhance site security.
Lighting - Lighting provides a visible deterrent and additional visibility around access points. It should be fitted to areas that are inaccessible so it cannot be easily disabled by intruders.
Locks - Lockable storage such as steel tool vaults is essential on any construction site. They keep expensive tools, equipment, and materials secure and away from the gaze of opportunistic thieves.
Fencing and barriers - It’s recommended that construction sites install perimeter fencing that’s at least 2.4 meters high. Barriers within the site can also create separately secure areas, while curbs and bollards can prevent access to uninvited vehicles.
Reduce the risk on your construction site
Security and safety risks are inherent on construction sites, but regardless of the challenges a particular site presents, minimizing those risks should always be a priority. By combining the practical points we've discussed above with the latest technology, like managed video surveillance, it is possible to safeguard against losses, accidents, and interruptions and create a productive job site that people want to work on.
It’s that time again to begin Construction Junkie’s annual search for the best construction podcast! Now in our 7th year of the competition, we’re noticing a considerable increase in construction-related podcasts from every sector.
Last year continued our trend of breaking the previous years record number of votes, with the most nominees and the most total votes. In the end, Bridging the Gap secured the crown, wrestling it away from the 2-time defending champion CONEXPO/CON-AGG Radio.
Please see below for contest details and use the nomination form at the bottom of this page to submit your own podcast or your favorite construction related podcast for this year’s competition! I’m looking forward to discovering new podcasts, as well as seeing how the veteran podcasts can defend their territory.
How the Contest Works
Round of nominations - to ensure that every podcast has a fair chance to be entered into the contest, time will be allowed for nominations from our readers and podcasters alike. Only one nomination is needed to be entered into the contest
Round of voting - once all nominations are received, a round of voting will take place (start date TBD). Winners are determined solely based on number of votes. Only one vote per person will be counted.
Nominee articles - each nominee will be highlighted in an article with a description and details about their show during the voting round
Champion named - after voting is complete (date TBD),a winner will be named and all other nominees will be ranked by vote count.
The Grand Prize
For the past 2 years, we have offered a prize to the contest's winner. That will continue this year and the overall winner will once again receive FREE sidebar ad onConstructionJunkie.comfor one full year! That will help your favorite podcast gain hundreds of thousands of impressions every year. If we are able to have multiple categories, the grand prize winner will be the podcast who receives the most overall votes out of all of the categories.
Contest Rules
Nominations can be submitted from now until Midnight PST on Friday, June 4, 2021. At that time, no more nominations will be accepted. Podcasters are more than welcome to nominate their own podcast and self-promotion is encouraged. Nominations will be researched and any deemed to not be related to the construction industry by our staff, will be removed. Shows must be available in audio only podcast form and YouTube-only shows will not be eligible.
After nominations close, voting will begin. Voting will be open for 4 weeks from the day the polls open, date to be determined. Winner, by popular vote, will be announced shortly after poll is closed.
As always, the contest is 100% free to enter. It’s all about promoting podcasting!
Questions?
If you have questions, feel free to post a comment below or email us at info@constructionjunkie.com
Submit Your Nomination for the Best Construction Podcast of 2021!
Each year, Procore – the maker of the construction management software of the same name – hosts their annual construction technology conference, Groundbreak. As part of the festivities, the company is looking to celebrate the most groundbreaking companies, people, and projects in the construction industry and they need your help.
The 2021 Groundbreaker Awards will pick winners for 8 different categories:
Excellence in Sustainability – the company or project the most efficiently uses environmentally responsible processes throughout the project.
Excellence in Innovation – the company that pushes the boundaries of technology in construction the most
Excellence in Safety – the company or project that represents the best in safety
Excellence in Community – the company or project that made the biggest impact to its surrounding area
Groundbreaker of the Year (Individual Award) – the person that achieves the highest standards of the industry
General Contractor / Main Contractor / Head Contractor Project Excellence – the GC that exhibits the best overall project excellence.
Specialty Contractor / Subcontractor Project Excellence – the specialty/trade contractor that exhibits the best overall project excellence
Owner Project Excellence – the project owner that exhibits the best overall project excellence
Finalists for each award will receive a complimentary guest pass to Groundbreak, a Groundbreaker Award Plaque and Groundbreaker hoodie, have their story announced on Procore’s various outlets, and a social media package for their company.
In addition to the awards above, winners will receive a much fancier trophy, instead of the plaque, and additional exposure and promotion through Procore’s Customer Story Package.
The Groundbreaker of the Year will receive the awards mentioned above, as well as a complimentary VIP pass to Groundbreak 2022, round trip airfare, and hotel accommodations.
If you know a company, person, or project that deserves to be honored in any of these categories, you can submit them on the Groundbreaker Awards website. Submissions will be accepted now through June 18, followed by evaluations from June 28 through July 30, the announcement of the finalists on September 13, and finally declaring the winners at Groundbreak 2021 on October 4.
Lithium battery technology is being pushed to new heights in the tool world seemingly every month, as more power hungry tools continue to drop the cord and join the battery revolution. DeWalt is the latest in the game to up the ante with the release of the first 15 am hour 18V battery on the market.
The DeWalt FLEXVOLT 20V/60V Max 15.0ah battery (DCB615) will power both the yellow tool brand’s 20V and 60V tool platforms, just like all of the other FLEXVOLT batteries, but this one offers even more runtime for those high demand applications, such as concrete cutting, drilling, chipping applications.
The behemoth battery will weigh in at a solid 4.5 pounds and carries a $349 price tag, so you’re probably not going to want to strap this thing to your impact driver (unless you have some Popeye arms and a wallet of the same size), but it will pair well with the FLEXVOLT table saw, concrete saw, and DeWalt’s recently announced pair of FLEXVOLT SDS Max rotary hammers.
In the same press release as the 15ah battery, DeWalt announced the impending release of a new 60V MAX Brushless SDS MAX Combination Rotary Hammers in 1-7/8-In. (DCH735) and 2-in. (DCH775).
Both tools will offer the E-CLUTCH System, which will shut down the tool if it senses a bind up situation. Each will also be equipped with vibration control, Wireless Tool Control to link to a dust extractor, and have a designated area to attach a Tool Connect tag for tracking purposes.
the DCH775, courtesy of DeWalt
The 1-7/8-inch hammer will deliver 13.3 joules of impact energy, giving it enough juice to drill for #6 and #9 rebar, dry core up to 5 inches, and concrete chipping applications. Kitted with (2) 15ah batteries, the 1-7/8” hammer will retail for $999, not bad considering the $350 price tag for just one battery.
The 2-inch hammer will boast 19.4 joules of impact energy, allowing it to handle drilling for #9 and #14 rebar and dry coring up to 6 inches. Kitted with (2) 15ah batteries, the 2” version will retail for $1,099.
Both of the new rotary hammers, as well as the new 15ah battery will be available in September of 2021.
For some more information about the rotary hammers and 15ah battery, I invite you to check out the video below from my buddy Rob, from Belts and Boxes.
