Procore completes $845M cash acquisition of DroneDeploy
Procore Technologies has closed its cash acquisition of DroneDeploy, which now operates as a wholly owned subsidiary.
Rhea-AI Filing Summary
Procore Technologies, Inc. (PCOR) completed its previously announced acquisition of DroneDeploy, Inc. on September 9, 2026. DF Merger Sub, Inc., a wholly owned subsidiary of Procore, merged with and into DroneDeploy, with DroneDeploy continuing as the surviving company and becoming a wholly owned subsidiary of Procore.
Under the Agreement and Plan of Merger, Procore acquired DroneDeploy for a purchase price of approximately $845.0 million in cash, subject to adjustments for working capital, transaction expenses, cash and indebtedness as described in the Merger Agreement. Fortis Advisors LLC acts solely as the Stockholder Representative for DroneDeploy stockholders under the terms of the agreement.
Positive
- Procore completed the acquisition of DroneDeploy for approximately $845.0 million in cash, adding DroneDeploy as a wholly owned subsidiary and expanding its product and technology portfolio.
- The Merger structure is finalized, with DroneDeploy continuing as the surviving company and Fortis Advisors LLC designated as Stockholder Representative, providing a clear post-closing governance framework.
Negative
- None.
Insights
Analyzing...
8-K Event Classification
Item 8.01 — Other Events
1 item
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Key Figures
Purchase price for DroneDeploy: $845.0 million in cash
Common stock par value: $0.0001 per share
Merger Agreement date: July 27, 2026
+3 more
6 metrics
Purchase price for DroneDeploy
$845.0 million in cash
Aggregate purchase price for the acquisition of DroneDeploy, subject to adjustments
Common stock par value
$0.0001 per share
Par value of Procore Technologies, Inc. common stock
Merger Agreement date
July 27, 2026
Date Procore entered into the Agreement and Plan of Merger
Merger consummation date
September 9, 2026
Date Procore completed the merger with DroneDeploy
Trading symbol
PCOR
Trading symbol for Procore common stock on the New York Stock Exchange
Registrant telephone number
(866) 477-6267
Telephone number of Procore Technologies, Inc.
Key Terms
Agreement and Plan of Merger, Merger Sub, Stockholder Representative, working capital, +1 more
5 terms
Agreement and Plan of Merger regulatory
"entered into an Agreement and Plan of Merger (the “Merger Agreement”)"
An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.
Merger Sub financial
"DF Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary"
A merger sub is a temporary, wholly owned subsidiary that an acquiring company creates to carry out a merger with another firm. Think of it as a wrapper used to combine two businesses—this can simplify legal and tax steps, isolate liabilities, and help preserve the target’s contracts or stock structure, so investors watch it because the chosen approach affects deal mechanics, shareholder votes, potential dilution, and legal or tax risk.
Stockholder Representative financial
"solely in its capacity as the Stockholder Representative"
working capital financial
"subject to certain adjustments for working capital, transaction expenses, cash"
Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.
transaction expenses financial
"subject to certain adjustments for working capital, transaction expenses, cash"
Costs directly tied to buying, selling or moving financial assets, including broker commissions, exchange and clearing fees, taxes, the bid‑ask price difference and any settlement or custody charges. These are the extra sums you pay on top of the price of a stock or bond. They matter to investors because they reduce net returns and can eat into profits—like fuel and tolls cutting into a road trip budget—so higher transaction costs can change whether a trade or strategy is worthwhile.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What transaction did PCOR complete on September 9, 2026?
On September 9, 2026, Procore Technologies, Inc. consummated the merger in which DF Merger Sub, Inc. merged with and into DroneDeploy, Inc., and DroneDeploy became a wholly owned subsidiary of Procore under the previously signed Merger Agreement.
How much did Procore Technologies (PCOR) pay to acquire DroneDeploy?
Procore acquired DroneDeploy for a purchase price of approximately $845.0 million in cash, subject to adjustments for working capital, transaction expenses, cash and indebtedness, and other items as described in the Agreement and Plan of Merger.
What is the structure of the DroneDeploy merger with Procore (PCOR)?
Procore formed DF Merger Sub, Inc., which merged with and into DroneDeploy. DroneDeploy continues as the surviving company and operates as a wholly owned subsidiary of Procore Technologies, Inc. following the completion of the merger.
Was the DroneDeploy acquisition by PCOR a cash or stock deal?
The acquisition of DroneDeploy by Procore was a cash transaction, with a purchase price of approximately $845.0 million in cash, subject to customary post-closing adjustments described in the Merger Agreement.
What role does Fortis Advisors LLC play in the Procore (PCOR) and DroneDeploy merger?
Fortis Advisors LLC acts solely as the Stockholder Representative for DroneDeploy stockholders under the Merger Agreement, representing their interests with respect to matters such as purchase price adjustments and other post-closing provisions.
On what date did Procore Technologies (PCOR) sign the Merger Agreement with DroneDeploy?
Procore entered into the Agreement and Plan of Merger on July 27, 2026, with DF Merger Sub, Inc., DroneDeploy, Inc., and Fortis Advisors LLC as Stockholder Representative, and later consummated the merger on September 9, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
