Autodesk and Procore are two of the leading software providers in the construction industry. Founded in 1982 and public since 1985, Autodesk has focused on design software, recently expanding into cloud-based construction management. The company initially targeted the AEC industry, but it has now expanded to other sectors like manufacturing, media, education and entertainment. Procore is a younger company, founded in 2003, which focuses on construction management solutions. Procore is still private, but an IPO is in process as of March 2021.

The COVID-19 lockdowns disrupted virtually all business sectors in 2020, and the construction industry was especially affected because there is very little flexibility to work from home. However, this created a greater opportunity for software solutions, and the contech sector grew by over 50% in 2020. In this article, we will compare company profiles for Autodesk and Procore. We will discuss their performance as of 2021, mentioning some of their recent acquisitions and main plans.

Autodesk: A Snapshot of the Company in March 2021

The past few days were rough for Autodesk stock, which fell by 0.79% on Wednesday 17 and 3.45% on Thursday 18, closing at $263.44. The stock market in general had a difficult session on Thursday, where the S&P500 fell 1.48% and the DJIA fell 0.46%, while Autodesk was outperformed by competitors like Apple (-3.39%) and Adobe (-2.62%).

However, the outlook for the company remains positive, and the stock price is expected to reach $325 within 12 months. Autodesk had a total revenue of $3.27 billion in 2020, which represents a 27% increase from the $2.57 billion reported in 2019.

Autodesk has existed since 1985, but they are a relatively new player in cloud-based construction management. They have expanded into the sector mostly with acquisitions, and the following are some recent examples, according to Crunchbase:

Company	Service Offered	Acquisition Date	Amount
Innovyze	Water infrastructure management	February 2021	$1 billion
Spacemaker	Real estate development	November 2020	$240 million
Pype	Project management	July 2020	Undisclosed
BuildingConnected	Bid and risk management	December 2018	$275 million
PlanGrid	Productivity software	November 2018	$875 million

Autodesk has also partnered with other companies as an investor. This includes a $9.4 million investment in Bridgit (resource management) in July 2020, and an undisclosed investment in Aurigo Software (capital asset and portfolio management) in April 2020.

Procore: An Emerging Leader in Construction Management Solutions

Unlike Autodesk, Procore is still a privately-owned company, and it focuses exclusively on cloud-based construction management solutions. They have already secured $648.9 million in 13 rounds of funding, and an IPO is currently in process:

Procore first filed its SEC registration statement on February 28, 2020, but the IPO was postponed a couple months later.
However, the company filed an amended registration statement on March 2, 2021.
Procore will be listed in the New York Stock Exchange as PCOR.

Procore had a total revenue of $400.3 million in 2020, which represents a 38% increase from the $289.2 million reported in 2019. The outlook is very promising, since the company has estimated a total market opportunity of $9.4 billion per year.

Like Autodesk, Procore has expanded its service offering through acquisitions in recent years:

Company	Service Offered	Acquisition Date	Amount
Esticom	Construction estimating	October 2020	Undisclosed
Avata Intelligence	AI and machine learning	February 2020	$3.8 million
Construction BI	Business intelligence	August 2019	$1.1 million
Honest Buildings	Project management	July 2019	$161.6 million
BIManywhere	Mobile BIM collaboration	September 2018	$5.1 million

According to Crunchbase, Procore’s main investors include D1 Capital Partners, ICONIQ Capital, Tiger Global Management, Dragoneer Investment Group, Bessemer Venture Partners, Bienville Capital, and the Canada Pension Plan Investment Board.

Source Market Watch Autodesk Procore

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AEC software autodesk construction software procore