News: LaborChart acquired by Procore

HR Technology

LaborChart acquired by Procore

The acquisition will add workforce management capabilities to Procore's construction management platforms.
LaborChart acquired by Procore

US-based workforce management startup LaborChart, which caters specifically to the construction industry, has been acquired by construction management software firm Procore. Although the financial terms were not disclosed, LaborChart received Series A funding in early 2020 from Five Elms Capital, which is known to invest between US$5-75 million in its portfolio companies

According to the announcement last Friday, LaborChart's entire team of 40-odd people, including CEO and founder Ben Schultz, will join Procore. The LaborChart platform will be integrated into Procore's existing workforce management solutions.

Tooey Courtemanche, founder and CEO of Procore, said: “Construction is facing a global labour shortage, with contractors struggling to find skilled workers. This makes it critical to efficiently manage existing workforces. “With the addition of LaborChart, Procore will be able to provide a complete workforce management solution that helps contractors optimise their workforces, maximise productivity, and take on more projects.”

He also said LaborChart's workforce dataset is complementary to Procore's existing construction industry dataset. However, it's worth noting that LaborChart's clientele appears to be almost entirely US-based, while Procore, which is headquartered in the US, states that it has users in around 125 countries and offices in North and South America, the UK, and Australia.

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Topics: HR Technology, #MergersAndAcquisitions

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