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Procore and Shepherd Partner on Casualty Pro to Offer Underwriting Benefits for Top Procore Users

Procore | May 25, 2022

Procore
Procore Technologies Inc. a leading global provider of construction management software, announced a new partnership with Shepherd, a startup insurtech based in San Francisco, to begin offering an integrated insurance product that provides improved insurance terms and lower premiums to qualified Procore customers.

"Procore’s platform, integrations, data and analytics enable our customers to run safer and more profitable businesses, However, contractors are not typically rewarded by insurance markets for making these risk-reducing investments. And, insurance is one of the biggest costs that our customers are trying to manage. Our partnership with Shepherd offers our customers the insurance coverage they deserve."

Tooey Courtemanche, Founder, President and CEO of Procore

Shepherd’s mission is to create a safe and sustainable construction industry by providing innovative insurance products to general and specialty contractors which incentivizes the use of technology on job sites. As a Procore portfolio company and App Marketplace partner, Shepherd is offering qualified Procore customers underwriting credits in order to lower premiums, endorsing the idea that technology reduces risk in construction. This program is called Casualty Pro, and starts with Excess Liability, Shepherd’s current product offering. The company plans to expand this program alongside bringing new casualty products to market.

A sample analysis of Procore contractors found that the experience modification rates (EMR), which are a standardized metric used in determining worker’s compensation premiums, for the top quartile of general contractors on the platform outperformed those of their peers by 21 percent on average. The same study also saw positive correlation and an average EMR decrease from the time when a contractor adopted Procore to their 2022 results.

Similarly, Procore’s recent 2022 Customer Return On Investment (ROI) report, users reported significant benefits in the following areas: safety, quality, efficiency and risk.

  • Safer Jobsites: 79 percent of customer respondents that use Quality and Safety tools agree Procore has improved their company’s safety programs.
  • Improved Efficiency: Customer respondents reported saving an average of 15 days on the overall schedule on a typical project.
  • 80 percent of customer respondents agree they have more protection in a litigation scenario with the data they are tracking/capturing with Procore

"At Shepherd we're determined to align the contractor - insurance carrier relationship in new ways. We believe strongly in the power of Procore's platform and the positive impact Procore tools have on jobsite safety, risk management, and loss control. Innovative insurance products, such as Casualty Pro, allow us to underwrite using more inputs and provide opportunities to credit contractors who've adopted the best construction technologies." - Justin Levine, co-founder, chief executive officer of Shepherd Underwriting.

"We're introducing Procore usage as a new category in Shepherd's underwriting process because we believe in the positive benefits of the platform on day-to-day risk management and loss control on job sites. We hope this partnership benefits clients who have already taken the important step of implementing technology solutions across their project portfolios," said Steve Buonpane, co-founder, chief insurance officer at Shepherd.

The Casualty Pro program is optional for Procore customers and does not guarantee lower premiums. All submissions are subject to underwriting review prior to formal quotations.

About Shepherd
Shepherd is a tech-enabled managing general underwriter providing casualty insurance for middle market commercial construction. Their mission is to make construction safe and sustainable through innovative insurance products. To learn more about Shepherd, visit their website at www.withshepherd.com

About Procore
Procore is a leading global provider of construction management software. Over one million projects and more than $1 trillion USD in construction volume have run on Procore's platform. Procore’s platform connects key project stakeholders to solutions Procore has built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore's App Marketplace has a multitude of partner solutions that integrate seamlessly with Procore’s platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices in the United States, Canada and around the globe.

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Engineering Tech

Terracon Acquires PMI of Arkansas

Globenewswire | July 10, 2023

Terracon, an employee-owned firm with a long history of providing excellence in engineering consulting services, is pleased to announce it has acquired Pollution Management Inc. (PMI), an engineering and environmental services firm with locations in Little Rock and Fayetteville, Arkansas. Since its founding in 1988, PMI has provided a range of engineering, environmental and field services to clients. The firm’s team is comprised of professional engineers and geologists, environmental scientists, and construction/remediation specialists who work together to provide turnkey projects throughout Arkansas and the surrounding states. “PMI enhances and strengthens our engineering and consulting practice in Arkansas and brings in-house construction capabilities that support our design services,” said Gayle Packer, Terracon chair, president, and CEO. “We are pleased to welcome them to Terracon as we grow and continually evolve how we help solve our clients’ challenges.” PMI’s 37 employees will immediately become part of Terracon. The firm will continue to operate locally as Pollution Management Inc., A Terracon Company, and the transition will be seamless for clients. The new acquisition is supported by Terracon’s existing operations in Little Rock and Rogers, Arkansas; Springfield and Joplin, Missouri; and Oklahoma City and Tulsa, Oklahoma. “By joining Terracon, our clients will continue to benefit from the expertise and creative solutions we have provided for over 34 years, while also enjoying expanded access to Terracon’s national resources and multidiscipline services,” said Richard Davis, president, PMI. “PMI’s team members will be a great fit in Terracon’s team, and will continue to grow their careers, and enhance client relationships, and add services for our clients,” said Doug Ford, vice president, PMI. PMI is Terracon’s second acquisition in 2023, and its 19th acquisition since the beginning of 2017. The transaction was brokered by Generational Equity of Dallas, Texas. "This strategic union combines the expertise and resources of two great companies,” said Julio Dominguez, managing director, M&A, Generational Equity. “Terracon and PMI are poised to redefine possibilities and deliver unparalleled value to their clients. Generational Equity is proud to have helped PMI find a home and partnership with Terracon." About Terracon Terracon is an employee-owned consulting firm comprised of more than 6,000 curious minds focused on solving engineering and technical challenges from more than 175 locations nationwide. We provide on-time and real-time data-driven insights, provided by our talented employee-owners, to create an unmatched client experience that spans the lifecycle of any project, any size, anywhere. ​Terracon consistently ranks as a top 25 design firm by Engineering News-Record. Start to explore with us by visiting terracon.com.

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Introducing Standalone Takeoff Software by PlanHub: Simplifying preconstruction for everyone

PRWeb | September 01, 2023

PlanHub, the leading preconstruction software as a service (SaaS) company, is excited to announce that Takeoff Core, previously released as a cloud-based, integrated takeoff software built into PlanHub, is now also available as a standalone. Takeoff Core helps subcontractors perform takeoffs efficiently, eliminating the need for manual work, outdated desktop software, and complicated digital solutions. In preconstruction, time is money. The more time it takes to perform takeoffs and submit bids, the more subcontractors risk losing out on valuable revenue opportunities. Manual methods and locally installed desktop software can slow down takeoff processes, and many digital solutions currently on the market can be overly complex and not user-friendly. Takeoff Core relieves bottlenecks in the pre-construction workflow with automation that makes measuring and estimating faster and more accurate than traditional methods. It features a simple, user-friendly interface and intuitive measuring tools, so getting started is hassle-free. “We wanted to create an easy-to-use tool that helps subcontractors jumpstart their takeoff in minutes,” says Darius Shafie, Product Manager at PlanHub. “Takeoff Core does not require extensive onboarding or additional user training, so subcontractors can create takeoffs in as little as 15 minutes.” Accuracy is everything when it comes to takeoffs—manual takeoffs are more error-prone, and incorrect measurements can lead to insufficient (or excess) materials, costing difficulties, and lost project revenue. With Takeoff Core, subcontractors can modernize their takeoff process with a digital solution that helps mitigate risks by providing better takeoff accuracy than traditional pen and paper or outdated desktop solutions. Takeoff Core offers subcontractors a centralized hub to manage their takeoffs in a single place simply by uploading projects and their associated files. Team members can see takeoff statuses and collaborate in real time, regardless of where they are located. And because Takeoff Core is cloud-based, there is no software to upgrade or make manual updates to—it easily scales as a business achieves growth. "At PlanHub, our goal is to simplify preconstruction for everyone. Following overwhelming positive feedback from our subcontractor network using the new Takeoff Core, we are excited to make it available to all construction professionals, whether they have a contractor account with us or not. With Takeoff Core, we're giving contractors of all sizes powerful user-friendly tools to save time and work more efficiently," shares Ro Bhatia, CEO of PlanHub About PlanHub PlanHub is the data-driven platform transforming the preconstruction landscape within the construction industry. By empowering construction professionals with data insights and easy to use tools, PlanHub enables them to forge strong business relationships, streamline pre-construction processes, and make informed decisions effortlessly. PlanHub provides faster, simpler, and unmatched accuracy, laying a solid foundation for the rest of the construction process.https://planhub.com

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Construction Partners, Inc. Completes South Carolina Acquisition and Launches New Greenfield Market in Georgia

PR Newswire | August 02, 2023

Construction Partners, Inc. (NASDAQ: ROAD) ("CPI" or the "Company"), a vertically integrated civil infrastructure company specializing in the construction and maintenance of roadways across six southeastern states, today announced it has acquired a hot-mix asphalt plant in Myrtle Beach, South Carolina from C.R. Jackson, Inc. and established a new greenfield hot-mix asphalt plant and market in Waycross, Georgia. Fred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, "Today's acquisition in South Carolina will enhance our operations in the fast-growing and dynamic Myrtle Beach-Conway metro area. We entered this market a year ago with the acquisition of Southern Asphalt and have been very pleased with the economic growth and activity in the region. This transaction strengthens our presence in the market and provides more resources for our South Carolina coastal area operations." The Company also announced that it has begun operations at a newly completed greenfield hot-mix asphalt plant in Waycross, Georgia, creating a new local market adjoining several existing CPI markets in the fast-growing southeast region of the state. This market is adjacent to the second largest port in Georgia and is positioned on two highly trafficked freight highways and a Class I railroad hub, all of which are vital corridors for transporting goods across the state and beyond. The addition of this greenfield facility strengthens CPI's position in a growing market and further supports the Company's existing workforce. Smith added, "As we grow relative market share throughout our southeastern footprint, we continually evaluate attractive opportunities to make wise investments that compound and grow shareholder value." About Construction Partners, Inc. Construction Partners, Inc. is a vertically integrated civil infrastructure company operating across six southeastern states. Supported by its hot-mix asphalt plants, aggregate facilities and liquid asphalt terminals, the company focuses on the construction, repair and maintenance of surface infrastructure. Publicly funded projects make up the majority of its business and include local and state roadways, interstate highways, airport runways and bridges. The company also performs private sector projects that include paving and sitework for office and industrial parks, shopping centers, local businesses and residential developments. To learn more, visit www.constructionpartners.net.

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Embedded Tech, Engineering Tech

GlobalLogic Acquires Sidero, a Leading Software Engineering Firm in Ireland

Businesswire | July 11, 2023

GlobalLogic, a Hitachi Group Company and a leader in Digital Engineering, today announced that it has entered into a definitive agreement to acquire Sidero Ltd., an Ireland-based engineering services and cloud-native software development company with deep technology specialization in the Communications vertical. This strategic acquisition aims to bolster GlobalLogic's capabilities in the dynamic Communications technology sector, and expands its European presence in Ireland. Organizations in the Communications industry continue to be the most disruptive when it comes to digital transformation. Sidero’s expertise in technologies such as Radio Access Networks (RAN), Self-Optimizing Networks (SON), Cloud, and Agile development practices are a clear complement to GlobalLogic’s deep engineering portfolio. Sidero's talented experience design and engineering teams based in Athlone, Republic of Ireland & Newry, Northern Ireland, facilitate the creation of innovative solutions that will directly benefit GlobalLogic’s current and future clients. “We are thrilled to welcome the talented Sidero team into the GlobalLogic family.” said Nitesh Banga, President and CEO of GlobalLogic. “Our deep roots in Communications technology are a perfect complement to Sidero's expertise and competencies. With our combined strengths, we will bring tremendous value to our mutual clients and further enhance our leadership in this and other highly dynamic verticals.” "GlobalLogic has long been recognized for its digital engineering prowess, unique and diverse employee culture, as well as a delighted community of clients.” said Carmel Owens, CEO, Sidero. "We are excited about the synergies that will be created by our combined organizations, and we look forward to providing differentiated capabilities and enhanced value to our customers in Ireland and across the globe.” The terms of the transaction were not disclosed. Under the agreement, Sidero will continue to operate with its existing leadership and staff as a wholly owned subsidiary of GlobalLogic. The transaction is subject to customary regulatory approval and is expected to close in the second half of calendar 2023. About Sidero Sidero Ltd. was founded in Athlone in 2013 and today is home to one of Ireland’s most accredited and experienced teams of Software Engineers and Cloud Experts. Sidero builds mission critical software for some of the most successful Irish and global companies. The company was founded by a small team of engineers on the basis of trust and responsiveness. Today, it has a track record of delivering highly successful projects, with an entire organization that is agile and easy to do business with, ensuring that customers stay for the long term. Culturally diverse, Sidero has a team of 21 nationalities and is constantly investing in its people. Customers and staff alike love how we have adopted Scrum values as an organisation – Commitment; Courage; Focus; Openness and Respect. As an Amazon Web Services (AWS) partner, with accredited consultants, Sidero is increasingly using Cloud Native to build, deploy and run software that exploits the flexibility of cloud computing, i.e., delivering applications that users want at the pace that business needs. www.sidero.ie About GlobalLogic GlobalLogic is a leader in digital engineering. We help brands across the globe design and build innovative products, platforms, and digital experiences for the modern world. By integrating experience design, complex engineering, and data expertise—we help our clients imagine what’s possible and accelerate their transition into tomorrow’s digital businesses. Headquartered in Silicon Valley, GlobalLogic operates design studios and engineering centers around the world, extending our deep expertise to customers in the automotive, communications, financial services, healthcare and life sciences, manufacturing, media and entertainment, semiconductor, and technology industries. GlobalLogic is a Hitachi Group Company operating under Hitachi, Ltd. (TSE: 6501), which contributes to a sustainable society with a higher quality of life by driving innovation through data and technology as the Social Innovation Business.

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Engineering Tech

Terracon Acquires PMI of Arkansas

Globenewswire | July 10, 2023

Terracon, an employee-owned firm with a long history of providing excellence in engineering consulting services, is pleased to announce it has acquired Pollution Management Inc. (PMI), an engineering and environmental services firm with locations in Little Rock and Fayetteville, Arkansas. Since its founding in 1988, PMI has provided a range of engineering, environmental and field services to clients. The firm’s team is comprised of professional engineers and geologists, environmental scientists, and construction/remediation specialists who work together to provide turnkey projects throughout Arkansas and the surrounding states. “PMI enhances and strengthens our engineering and consulting practice in Arkansas and brings in-house construction capabilities that support our design services,” said Gayle Packer, Terracon chair, president, and CEO. “We are pleased to welcome them to Terracon as we grow and continually evolve how we help solve our clients’ challenges.” PMI’s 37 employees will immediately become part of Terracon. The firm will continue to operate locally as Pollution Management Inc., A Terracon Company, and the transition will be seamless for clients. The new acquisition is supported by Terracon’s existing operations in Little Rock and Rogers, Arkansas; Springfield and Joplin, Missouri; and Oklahoma City and Tulsa, Oklahoma. “By joining Terracon, our clients will continue to benefit from the expertise and creative solutions we have provided for over 34 years, while also enjoying expanded access to Terracon’s national resources and multidiscipline services,” said Richard Davis, president, PMI. “PMI’s team members will be a great fit in Terracon’s team, and will continue to grow their careers, and enhance client relationships, and add services for our clients,” said Doug Ford, vice president, PMI. PMI is Terracon’s second acquisition in 2023, and its 19th acquisition since the beginning of 2017. The transaction was brokered by Generational Equity of Dallas, Texas. "This strategic union combines the expertise and resources of two great companies,” said Julio Dominguez, managing director, M&A, Generational Equity. “Terracon and PMI are poised to redefine possibilities and deliver unparalleled value to their clients. Generational Equity is proud to have helped PMI find a home and partnership with Terracon." About Terracon Terracon is an employee-owned consulting firm comprised of more than 6,000 curious minds focused on solving engineering and technical challenges from more than 175 locations nationwide. We provide on-time and real-time data-driven insights, provided by our talented employee-owners, to create an unmatched client experience that spans the lifecycle of any project, any size, anywhere. ​Terracon consistently ranks as a top 25 design firm by Engineering News-Record. Start to explore with us by visiting terracon.com.

Read More

Construction

Introducing Standalone Takeoff Software by PlanHub: Simplifying preconstruction for everyone

PRWeb | September 01, 2023

PlanHub, the leading preconstruction software as a service (SaaS) company, is excited to announce that Takeoff Core, previously released as a cloud-based, integrated takeoff software built into PlanHub, is now also available as a standalone. Takeoff Core helps subcontractors perform takeoffs efficiently, eliminating the need for manual work, outdated desktop software, and complicated digital solutions. In preconstruction, time is money. The more time it takes to perform takeoffs and submit bids, the more subcontractors risk losing out on valuable revenue opportunities. Manual methods and locally installed desktop software can slow down takeoff processes, and many digital solutions currently on the market can be overly complex and not user-friendly. Takeoff Core relieves bottlenecks in the pre-construction workflow with automation that makes measuring and estimating faster and more accurate than traditional methods. It features a simple, user-friendly interface and intuitive measuring tools, so getting started is hassle-free. “We wanted to create an easy-to-use tool that helps subcontractors jumpstart their takeoff in minutes,” says Darius Shafie, Product Manager at PlanHub. “Takeoff Core does not require extensive onboarding or additional user training, so subcontractors can create takeoffs in as little as 15 minutes.” Accuracy is everything when it comes to takeoffs—manual takeoffs are more error-prone, and incorrect measurements can lead to insufficient (or excess) materials, costing difficulties, and lost project revenue. With Takeoff Core, subcontractors can modernize their takeoff process with a digital solution that helps mitigate risks by providing better takeoff accuracy than traditional pen and paper or outdated desktop solutions. Takeoff Core offers subcontractors a centralized hub to manage their takeoffs in a single place simply by uploading projects and their associated files. Team members can see takeoff statuses and collaborate in real time, regardless of where they are located. And because Takeoff Core is cloud-based, there is no software to upgrade or make manual updates to—it easily scales as a business achieves growth. "At PlanHub, our goal is to simplify preconstruction for everyone. Following overwhelming positive feedback from our subcontractor network using the new Takeoff Core, we are excited to make it available to all construction professionals, whether they have a contractor account with us or not. With Takeoff Core, we're giving contractors of all sizes powerful user-friendly tools to save time and work more efficiently," shares Ro Bhatia, CEO of PlanHub About PlanHub PlanHub is the data-driven platform transforming the preconstruction landscape within the construction industry. By empowering construction professionals with data insights and easy to use tools, PlanHub enables them to forge strong business relationships, streamline pre-construction processes, and make informed decisions effortlessly. PlanHub provides faster, simpler, and unmatched accuracy, laying a solid foundation for the rest of the construction process.https://planhub.com

Read More

Market, Construction

Construction Partners, Inc. Completes South Carolina Acquisition and Launches New Greenfield Market in Georgia

PR Newswire | August 02, 2023

Construction Partners, Inc. (NASDAQ: ROAD) ("CPI" or the "Company"), a vertically integrated civil infrastructure company specializing in the construction and maintenance of roadways across six southeastern states, today announced it has acquired a hot-mix asphalt plant in Myrtle Beach, South Carolina from C.R. Jackson, Inc. and established a new greenfield hot-mix asphalt plant and market in Waycross, Georgia. Fred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, "Today's acquisition in South Carolina will enhance our operations in the fast-growing and dynamic Myrtle Beach-Conway metro area. We entered this market a year ago with the acquisition of Southern Asphalt and have been very pleased with the economic growth and activity in the region. This transaction strengthens our presence in the market and provides more resources for our South Carolina coastal area operations." The Company also announced that it has begun operations at a newly completed greenfield hot-mix asphalt plant in Waycross, Georgia, creating a new local market adjoining several existing CPI markets in the fast-growing southeast region of the state. This market is adjacent to the second largest port in Georgia and is positioned on two highly trafficked freight highways and a Class I railroad hub, all of which are vital corridors for transporting goods across the state and beyond. The addition of this greenfield facility strengthens CPI's position in a growing market and further supports the Company's existing workforce. Smith added, "As we grow relative market share throughout our southeastern footprint, we continually evaluate attractive opportunities to make wise investments that compound and grow shareholder value." About Construction Partners, Inc. Construction Partners, Inc. is a vertically integrated civil infrastructure company operating across six southeastern states. Supported by its hot-mix asphalt plants, aggregate facilities and liquid asphalt terminals, the company focuses on the construction, repair and maintenance of surface infrastructure. Publicly funded projects make up the majority of its business and include local and state roadways, interstate highways, airport runways and bridges. The company also performs private sector projects that include paving and sitework for office and industrial parks, shopping centers, local businesses and residential developments. To learn more, visit www.constructionpartners.net.

Read More

Embedded Tech, Engineering Tech

GlobalLogic Acquires Sidero, a Leading Software Engineering Firm in Ireland

Businesswire | July 11, 2023

GlobalLogic, a Hitachi Group Company and a leader in Digital Engineering, today announced that it has entered into a definitive agreement to acquire Sidero Ltd., an Ireland-based engineering services and cloud-native software development company with deep technology specialization in the Communications vertical. This strategic acquisition aims to bolster GlobalLogic's capabilities in the dynamic Communications technology sector, and expands its European presence in Ireland. Organizations in the Communications industry continue to be the most disruptive when it comes to digital transformation. Sidero’s expertise in technologies such as Radio Access Networks (RAN), Self-Optimizing Networks (SON), Cloud, and Agile development practices are a clear complement to GlobalLogic’s deep engineering portfolio. Sidero's talented experience design and engineering teams based in Athlone, Republic of Ireland & Newry, Northern Ireland, facilitate the creation of innovative solutions that will directly benefit GlobalLogic’s current and future clients. “We are thrilled to welcome the talented Sidero team into the GlobalLogic family.” said Nitesh Banga, President and CEO of GlobalLogic. “Our deep roots in Communications technology are a perfect complement to Sidero's expertise and competencies. With our combined strengths, we will bring tremendous value to our mutual clients and further enhance our leadership in this and other highly dynamic verticals.” "GlobalLogic has long been recognized for its digital engineering prowess, unique and diverse employee culture, as well as a delighted community of clients.” said Carmel Owens, CEO, Sidero. "We are excited about the synergies that will be created by our combined organizations, and we look forward to providing differentiated capabilities and enhanced value to our customers in Ireland and across the globe.” The terms of the transaction were not disclosed. Under the agreement, Sidero will continue to operate with its existing leadership and staff as a wholly owned subsidiary of GlobalLogic. The transaction is subject to customary regulatory approval and is expected to close in the second half of calendar 2023. About Sidero Sidero Ltd. was founded in Athlone in 2013 and today is home to one of Ireland’s most accredited and experienced teams of Software Engineers and Cloud Experts. Sidero builds mission critical software for some of the most successful Irish and global companies. The company was founded by a small team of engineers on the basis of trust and responsiveness. Today, it has a track record of delivering highly successful projects, with an entire organization that is agile and easy to do business with, ensuring that customers stay for the long term. Culturally diverse, Sidero has a team of 21 nationalities and is constantly investing in its people. Customers and staff alike love how we have adopted Scrum values as an organisation – Commitment; Courage; Focus; Openness and Respect. As an Amazon Web Services (AWS) partner, with accredited consultants, Sidero is increasingly using Cloud Native to build, deploy and run software that exploits the flexibility of cloud computing, i.e., delivering applications that users want at the pace that business needs. www.sidero.ie About GlobalLogic GlobalLogic is a leader in digital engineering. We help brands across the globe design and build innovative products, platforms, and digital experiences for the modern world. By integrating experience design, complex engineering, and data expertise—we help our clients imagine what’s possible and accelerate their transition into tomorrow’s digital businesses. Headquartered in Silicon Valley, GlobalLogic operates design studios and engineering centers around the world, extending our deep expertise to customers in the automotive, communications, financial services, healthcare and life sciences, manufacturing, media and entertainment, semiconductor, and technology industries. GlobalLogic is a Hitachi Group Company operating under Hitachi, Ltd. (TSE: 6501), which contributes to a sustainable society with a higher quality of life by driving innovation through data and technology as the Social Innovation Business.

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