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Report: Procore Technologies targets more than $4B valuation in planned IPO

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Report: Procore Technologies targets more than $4B valuation in planned IPO

Procore Technologies Inc. is planning an IPO that could give it a more than $4 billion valuation and has hired Goldman Sachs Group Inc. to aid in the process, Bloomberg News reported, citing people with knowledge of the matter.

The construction-management software company, which counts Iconiq Capital LLC and Tiger Global Management LLC among its backers, could launch the IPO later in 2019 or early in 2020, one of the people told the news outlet.

A July statement showed Procore's most recent valuation stood at $3 billion.

A Procore representative could not be reached immediately for comment, while a Goldman Sachs representative declined to comment, according to Bloomberg News.