PROCORE TECHNOLOGIES, INC.PCOR

Procore acquired Datagrid, a leader in agentic AI for construction, for $168 million to accelerate its AI strategy.

“On January 16, 2026, the Company completed the acquisition of all outstanding equity of Toric Labs, Inc. (d/b/a Datagrid) (“Datagrid”), a leader in agentic artificial intelligence (“AI”) solutions for the construction industry, to accelerate the Company’s AI strategy and deliver advanced reasoning and data connectivity capabilities for its customers. The purchase consideration was $ 168.0 million in cash.”

Procore acquired Datagrid for agentic AI and Novorender for BIM rendering to expand platform capabilities.

“We intend to continue to invest in building additional products, services, offerings, features, and functionality that expand our capabilities and facilitate the extension of our platform. For example, in January 2026, we acquired Toric Labs, Inc. (d/b/a Datagrid), a leader in agentic AI solutions for the construction industry, to accelerate our AI strategy, and in January 2025, we acquired Novorender AS, a leader in advanced building information modeling rendering technology, to enhance our capabilities for large-scale construction projects. In”

Procore builds and deploys generative and agentic AI tools in products and operations, presenting significant risks.

“We are increasingly building or incorporating AI tools (including generative and agentic AI tools) into our products, services, and platform. We also deploy AI tools in our business operations. We have used, and may continue to use, third parties to provide and support these tools. Our use of AI may present significant risks, uncertainties, and challenges that could materially adversely affect our business, financial condition, results of operations, and prospects.”

Procore faces increased costs, competition, and potential failure to recoup investments from developing AI capabilities.

“Developing, testing, selling, deploying, and adopting resource-intensive AI capabilities has increased and will likely continue to increase our operating costs. We have invested, and expect to continue to invest, significant resources to develop AI tools. We may also face greater competition from general purpose AI solutions that rely on generic large language models, generative AI, and general purpose AI agents to address a broad range of business needs. If the integration of AI tools into our products, services, and platform fails to operate as anticipated, or as well as competing offerings, or otherwise does not meet customer needs, or if we are unable to bring AI-related offerings to market as effectively or as quickly as our competitors, we may fail to recoup our investments in AI, our competitive position may be harmed, and our business and reputation may be adversely impacted.”

Procore discloses third-party AI systems providing generative, automated decision-making or agentic functionality.

“(ii) Third-Party AI Systems. Section 2.14(f)(ii) of the Company Disclosure Schedules accurately identifies each Third-Party AI System, as of the date hereof, which provides any generative, Automated Decision-Making or agentic AI functionality or is otherwise material to the Acquired Companies, together with (A) the applicable inbound license terms therefor, (B) an accurate description of the use of such Third-Party AI System (including whether used internally only or incorporated with a Company Product), and (C) whether it is, or was, used to create or develop any material Company Intangible Property.”

Procore introduced a suite of AI agents powered by embedded Datagrid intelligence.

“• Introduced an expanded Procore AI experience, featuring a new suite of AI agents powered by embedded Datagrid intelligence and built directly into Procore.”

Procore acquired Datagrid, a leader in agentic AI solutions for construction, to accelerate its AI strategy.

“On January 16, 2026, the Company completed the acquisition of all outstanding equity of Toric Labs, Inc. (d/b/a Datagrid) (“Datagrid”), a leader in agentic artificial intelligence (“AI”) solutions for the construction industry, to accelerate the Company’s AI strategy and deliver advanced reasoning and data connectivity capabilities for its customers. The purchase consideration was $ 168.0 million in cash.”

Procore acquired Datagrid, a leader in agentic AI for construction, to accelerate its AI strategy and expand products.

“We intend to continue to invest in building additional products, services, offerings, features, and functionality that expand our capabilities and facilitate the extension of our platform. For example, in January 2026, we acquired Toric Labs, Inc. (d/b/a Datagrid), a leader in agentic AI solutions for the construction industry, to accelerate our AI strategy, and in January 2025, we acquired Novorender AS, a leader in advanced building information model rendering technology, to enhance our capabilities for large-scale construction projects. We also intend to continue to evaluate strategic acquisitions and investments in businesses and technologies to drive product and market expansion. While the impact of these developments are not yet material to our business, our future success is dependent on our ability to successfully develop or acquire, market, and sell existing and new products and services to both new and existing customers.”

Procore strengthened its flagship platform and agentic AI capabilities while increasing its full-year outlook.

““We delivered strong Q1 financials,” said Ajei Gopal, President and CEO of Procore. “That performance, which exceeded the high end of our guidance, gives us even more confidence in the future, enabling us to increase our full-year outlook. I am particularly pleased that we have also strengthened our flagship platform, as well as our agentic AI capabilities.””

Procore offers agentic AI capabilities to automate workflows in construction.

“We have established our leading market position by focusing on serving the unique needs of the construction industry. We work directly with stakeholders to develop the products and services they need and to provide high-quality support, available to all users at no additional charge. Our four integrated product categories—Preconstruction, Project Execution, Resource Management, and Financial Management—automate workflows, provide timely visibility, offer advanced analytics, and support collaboration across key stages of the construction project lifecycle. In February 2026, we began offering customers access to our products in four bundled packages—Project Execution, Cost Management, Resource Management, and Project Lifecycle Management—each of which consists of tiers that offer different levels of access to our products. We also offer agentic AI capabilities to automate workflows across the entire construction lifecycle. Platform capabilities like our application programming interfaces (“APIs”) and our application marketplace (“App Marketplace”) allow customers to integrate our products with their internal systems. We offer many categories of integrations, including accounting, document management, and scheduling software, which provide our users with choice and flexibility, and increase the stickiness of our platform as a critical system of record and collaboration for the construction industry.”

Procore offers agentic AI capabilities and standalone AI from acquired Datagrid.

“• AI. We offer agentic AI capabilities designed to automate complex workflows and optimize project delivery across the entire construction lifecycle. We also provide embedded AI features that are integrated into our existing offerings. Following our recently announced acquisition of Toric Labs, Inc. (d/b/a Datagrid) (“Datagrid”), we also provide standalone AI functionality powered by the Datagrid engine.”

Procore plans to drive growth through its AI strategy including agentic AI solutions.

“• Maintain and advance our technology leadership. We plan to continue to invest in technology innovation, product development, and platform capabilities. We believe we have a compelling opportunity to drive growth through our AI strategy, including through our agentic AI solutions.”

Procore acquired Datagrid, a leader in agentic AI solutions for construction.

“• Pursue targeted acquisitions. Our acquisition strategy primarily focuses on accelerating our product roadmap through tuck-in acquisitions of smaller companies, many of which are from our App Marketplace and already integrated with the Procore platform. Our App Marketplace provides us with visibility into our customers’ interactions with many third-party integrations and provides a pipeline for potential future acquisitions. For example, we acquired Datagrid, a leader in agentic AI solutions for the construction industry, in 2026, Flypaper Technologies, Inc., a company that developed a BIM coordination tool for the construction industry, in 2025, Intelliwave Technologies Inc. (“Intelliwave”), a construction materials management company, in 2024, and Unearth Technologies, Inc. (“Unearth”), a geographic information systems asset management platform, in 2023, all of which were existing App Marketplace partners. Our existing relationships with such App Marketplace partners help streamline”

Procore builds, incorporates, and deploys AI tools including agentic AI in products and operations.

“We are increasingly building or incorporating AI tools (including generative and agentic AI tools) into our products, services, and platform. We also deploy AI tools in our business operations. We have used, and may continue to use, third parties to provide and support these tools. Our use of AI may present significant risks, uncertainties, and challenges that could materially adversely affect our business, financial condition, results of operations, and prospects.”

Procore faces increased costs and risks from developing and deploying AI capabilities.

“Developing, testing, selling, deploying, and adopting resource-intensive AI capabilities has increased and will likely continue to increase our operating costs. We have invested, and expect to continue to invest, significant resources to develop AI tools. We may also face greater competition from general purpose AI solutions that rely on generic large language models, generative AI, and general purpose AI agents to address a broad range of business needs. If the integration of AI tools into our products, services, and platform fails to operate as anticipated, or as well as competing offerings, or otherwise does not meet customer needs, or if we are unable to bring AI-related offerings to market as effectively or as quickly as our competitors, we may fail to recoup our investments in AI, our competitive position may be harmed, and our business and reputation may be adversely impacted.”

Procore builds and deploys generative and agentic AI tools in products and operations.

“We are increasingly building or incorporating AI tools (including generative and agentic AI tools) into our products, services, and platform. We also deploy AI tools in our business operations. We have used, and may continue to use, third parties to provide and support these tools. Our use of AI may present significant risks, uncertainties, and challenges that could materially adversely affect our business, financial condition, results of operations, and prospects.”

Procore announced launches of Procore Artificial Intelligence and AI Agents.

“• Announced a series of new product innovations, including the launches of Procore Artificial Intelligence and AI Agents, Resource Management, Safety, and Scheduling at Groundbreak 2024, the construction innovation event of the year.”