Procore Technologies Expands AI Initiatives and Projects Revenue Growth

Published 1 days agoPCOR

Procore Technologies Expands AI Initiatives and Projects Revenue Growth

Procore Technologies has unveiled its strategic initiatives for the coming years, with a significant focus on expanding artificial intelligence capabilities. During the Groundbreak 2024 event, Procore launched Procore Artificial Intelligence and AI Agents aimed at optimizing decision-making and project workflows. These innovations include AI solutions for automating tasks, insights generation, and process streamlining, enhancing tools like predictive analytics and automated progress tracking.

Regarding its financial forecast for fiscal year 2025, Procore expects revenue to reach between $1,285 million and $1,290 million, marking a 12% increase from the previous year. Additionally, the company predicts a non-GAAP operating margin ranging from 13% to 13.5%. Reuters shared this information as part of Procore's focus on financial stability and growth through robust technological adoption and strategy adjustments.

Strategically, Procore is shifting to a specialist-driven sales model to enhance sales efficiency and target larger deals. This is coupled with efforts in geographic expansion and product cross-selling to increase Procore AI adoption. During Q4 of 2024, Procore added 113 new organic customers, achieving an impressive gross revenue retention rate of 94% and net revenue retention rate of 106%, indicating robust customer retention and satisfaction.

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