Procore Technologies dips after unveiling convertible offering for acquisition

Procore Technologies

03/08/2026 12:50

** Construction management software firm Procore Technologies PCOR.N shares down 0.5% to $54.50 premarket on Mon as it looks to raise capital for an acquisition
** Carpinteria, California-based PCOR offering privately $750 mln convertible bonds due 2031
** Co intends to use net offering proceeds to fund acquisition of DroneDeploy
** It also plans to use some proceeds to pay cost of capped call transactions and repurchase shares to offset potential dilution, and for other general purposes
** PCOR on Weds said it would buy the robotics and visual intelligence platform DroneDeploy for approx $845 mln in cash, and reported Q2 rev grew 16% yr/yr to $375 mln on increased customer adoption, beating Wall Street's expectations, per LSEG
** Through Fri, PCOR's shares rallied 33% amid a six-session winning streak giving co about $8.3 bln market cap. YTD, stock down ~25%
** Avg rating of 25 brokerages is "buy"; median PT $68
     

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))