DA Davidson & Co. Acts as Exclusive Financial Advisor to Levelset in its Acquisition Agreement by Procore Technologies, Inc. | Business
NEW YORK – (BUSINESS WIRE) – September 22, 2021–
DA Davidson & Co. announced today that it served as exclusive financial advisor to Levelset on the signing of a definitive agreement to be acquired for approximately $ 500 million by Procore Technologies, Inc. (NYSE: PCOR), a leading supplier of construction management software.
Based in New Orleans, Louisiana, with offices in Austin, Texas and Cairo, Egypt, Levelset is a construction software company that helps contractors and suppliers streamline compliance and payment processes, reduce financial risks and improve cash flow, allowing faster payments and more reliable access to Capitals. With approximately 300 employees, Levelset’s software is a very reliable source for managing complex payment workflows that has been deployed on over 6.5 million construction projects by over 250,000 users. The addition of Levelset will add privilege rights management to Procore’s product suite and enable growth opportunities through the delivery of valuable data and information to their customers.
“The Levelset team has succeeded in creating an extremely innovative and efficient software tool to enable a smoother process, which ensures that key players in the construction project are paid faster,” said Joe Morgan, co-head of the bank technology investment at DA Davidson.
“We are honored to have had the opportunity to provide our expertise and work collaboratively with the Levelset leadership team as they partner with Procore to take this solution to the next level,” said Michael “Max” Maxworthy, co-head of the technology investment bank. at DA Davidson.
DA Davidson’s tech investment banking practice is one of the most active middle market groups in the United States, having advised more than 50 advisory and private equity deals worth more than $ 20 billion in value. since January 2021. Upon closing, the transaction will be the company’s third construction technology transaction in the past two years.
“The dedication of the DA Davidson team was fully visible as this next chapter approached for Levelset,” said Scott Wolfe Jr., CEO of Levelset. “The advice and creativity they brought to the table has been invaluable.”
The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of this year.
DA Davidson’s investment banking division is a leading full-service investment bank that offers comprehensive expertise in financial advisory and capital markets. The group has extensive transaction experience serving middle market clients around the world in four verticals: consumer, diversified industries, financial institutions and technology.
In collaboration with its European strategic partner, MCF Corporate Finance, DA Davidson creates and executes transatlantic M&A transactions under the common brand of DA Davidson MCF International.
About DA Davidson Companies
DA Davidson Companies is an employee-owned financial services company providing a range of financial services and advice to individuals, businesses, institutions and municipalities nationwide. Founded in 1935 and headquartered in Montana, with offices in Denver, Los Angeles, Portland and Seattle, the company has approximately 1,400 employees and offices in 28 states.
Subsidiaries include: DA Davidson & Co., the largest full-service investment firm based in the Northwest, providing wealth management, investment banking, equity and markets services and advice fixed income capital; Davidson Investment Advisors, a professional asset management company; DA Davidson Trust Company, a trust and wealth management company; and Davidson Fixed Income Management, a registered investment adviser providing fixed income portfolio and advisory services.
For information, visit dadavidson.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210922006001/en/
CONTACT: Émilie Roy
Prosek for DA Davidson
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES TECHNOLOGY OTHER CONSTRUCTION AND PROPERTY FINANCING SOFTWARE CONSTRUCTION AND PROPERTY
SOURCE: DA Davidson companies
Copyright Business Wire 2021.
PUB: 09/22/2021 17:08 / DISC: 09/22/2021 17:08
Copyright Business Wire 2021.