Procore Technologies Announces Acquisition of DroneDeploy for $845M

What Happened
Procore Technologies, Inc. announced on July 27, 2026 that it entered into an Agreement and Plan of Merger to acquire DroneDeploy, Inc.; under the agreement Merger Sub will merge into DroneDeploy, which will become a wholly owned subsidiary of Procore. The announced purchase price is approximately $845.0 million in cash (subject to customary adjustments). The parties expect the merger to close by the end of 2026, subject to stockholder approval, accuracy of representations and warranties, performance of covenants, and receipt of regulatory approvals (including the Hart‑Scott‑Rodino waiting period).

Key Details

• Merger Agreement date: July 27, 2026; press release furnished July 29, 2026.
• Purchase Price: ~ $845.0 million cash, with adjustments for working capital, transaction expenses, cash and indebtedness.
• Financing: Procore obtained a commitment letter from Goldman Sachs Bank USA for a 364‑day senior secured bridge facility of up to $700.0 million; closing is not conditioned on availability of this facility.
• Other terms: Procore will establish a retention pool of equity awards (or cash where equity cannot be granted) for certain DroneDeploy service providers; Procore obtained representations and warranties insurance; the agreement includes customary indemnities and termination rights.

Why It Matters
If completed, DroneDeploy — a provider of cloud‑control software for drones and robots (including automated flight safety checks, workflows, and real‑time mapping/data processing) — will become part of Procore, paid for primarily in cash. The deal affects Procore’s expected cash outlay and potential near‑term financing plans (bridge commitment up to $700M). Closing depends on shareholder and regulatory approvals and other customary conditions, so investors should monitor filings and updates on financing, approvals, and timing.