Procore Technologies, Inc. (NYSE:PCOR) signed a definitive agreement to acquire Express Lien, Inc. for $500 million on September 20, 2021. Procore has agreed to acquire Levelset for a purchase price of approximately $500 million, which will consist of approximately $425 million in cash, subject to customary adjustments for working capital, transaction expenses, cash and indebtedness, and approximately $75 million in Procore common stock. The number of Shares issued in the transaction will be determined based on the volume-weighted average trading price of a share of Procore common stock as measured over thirty consecutive trading days on the New York Stock Exchange immediately prior to the consummation of the Merger.

If the consummation of the Merger had occurred on September 20, 2021, the total number of Shares issued in the Merger would be equal to approximately 820,223. The transaction is subject to customary closing conditions. The closing of the transaction is anticipated to occur in the fourth quarter of this year.

D.A. Davidson is serving as exclusive financial advisor and Jones Walker LLP is acting as legal counsel to Levelset. Cooley LLP is serving as legal counsel to Procore.