Dive Brief:

• Procore Technologies today announced the release of Procore BIM, a new solution that will allow iPhone and iPad users to access building information modeling (BIM) data on their iPhones and iPads while in the field.
• Procore BIM, integrated with the company's 2D Drawings tool and aided by Apple's Metal graphics framework, will be able to handle large 3D models and 2D drawings from Navisworks, a popular 3D review and BIM coordination software solution from Autodesk. The new app also allows users to "step into" the model for a virtual look at the work in place. In addition, models within Procore BIM can be categorized according to status, which will reduce the risk that users will build according to an outdated or unapproved model.
• Procore said its open platform and unlimited user models allow customers to take advantage of the 3D modeling views available through Procore BIM throughout the lifecycle of a project. The company plans to roll out the new app in September.  

Dive Insight:

Procore also made news this month with its third acquisition in a year, analytics company Construction BI. This followed the purchase of Honest Buildings in July and the September 2018 acquisition of BIManywhere, Crunchbase reported. In addition, the company saw its valuation rise to $3 billion after a $75 million investment round last December. 

Looking ahead, Procore is still on the mergers and acquisitions track, and Rusty Reed, chief strategy officer, shared with Construction Dive what informs the firm's decisions about mergers and acquisitions, as well as what it is looking for in future partners.

"We’ve made and will continue to make strategic investments that positively impact our customers and the construction industry,” Reed said. "If you take the BIManywhere acquisition, for example, the team had a unique set of technical capabilities that allowed us to launch one of the most performant model viewers with Procore BIM and do so within 12 months of the acquisition. 

"We’re looking for technology and people that align with our vision, which is to improve the lives of everyone in construction and be able to deliver that value to customers quickly."

A potential partner, Reed said, needs to be a "good fit from a culture perspective" in order to ensure success once teams from both companies start working together. "There [must be] a clear path towards integrating with our platform that will accelerate the value we deliver to customers and the construction industry," he said.