What role does Mexico play within the international business model of Procore?
The intention is to grow in different countries. Mexico has definitely become one of our key markets in the region since we started doing business in Latin America. The market has been fruitful for us. As a cloud-based construction software company our product and platform have been very well received. Initially, some felt that a solution like Procore could only help large companies, but over time we have been able to explain that this is not the way it works. We can work with small, emerging, mid-market, and major and enterprise companies. We have the ability to provide efficiencies and better margins, and the intention behind our presence in Latin America is to continue our growth. We have been very well received not just in Mexico, but also throughout Latin America. We have an office in Mexico but our objective over the next five to 10 years is to continue growing in other countries in the region.
Why did Procore decide to become a technology company that focuses on solutions for the construction industry?
Procore has been around for over 20 years. Our founder Tooey Courtemanche was part of the construction world and always believed there was a better way to do business. The vision behind starting Procore was to make things more efficient and generate greater margins, but also from a human perspective to give people more time outside of work. Procore's intention, mission, and vision is to change the way construction is being done. If you consider construction as a centralized activity in one place, with platforms taking care of all the processes involving the pre-construction, construction, and post-construction stages, you precisely grasp the nature of what Procore offers. There is a centralized option where you can give access to all your users, whether or not they are people within your company such as suppliers. The other thing is you have unlimited users and unlimited data that you can store, and that is our biggest differentiator, on top of the fact that we are attempting to transform the way we undertake construction projects.
What experience did the company have when launching its IPO and what are your expectations from this?
The idea was to go public a year ago and we had actually gone through the process of filing, but we eventually had to put a hold on it as things were just not flowing the way that the company ideally wanted. Once things stabilized again, they decided to go on but, obviously, the pandemic remains a reality. Other areas are claiming to be reopening everything and that COVID-19 is over, but this is not true. The intention had been to realize the IPO in early summer 2021. It is an exciting time, and we know that much more growth is likely to result from this; we are looking forward to monitoring our subsequent performance. We have done well if you consider what we have done so far, and I perceive more to come. We have made acquisitions along the way to solidify our company for today and tomorrow, and will continue the growth process over the coming years. We have international activity, which is a huge part of what we are set to do, and which forms one of the main pillars of the company.
What are your goals and objectives for 2022 in Mexico and Latam?
The first thing that springs to my mind is growth. Continual growth is the ability to satisfy the needs of many different markets. Obviously, Mexico will remain one of the more interesting markets. One of my personal goals is to be able to have Procore as one of the top performers in the entire Latin American region.