D.A. Davidson & Co. Acts as Exclusive Financial Advisor to Levelset on Its Agreement to be Acquired by Procore Technologies, Inc.

Transaction underscores the strength of firm’s recently enhanced technology investment banking practice

NEW YORK–(BUSINESS WIRE)–#DADavidsonIB—D.A. Davidson & Co. announced today that it has served as exclusive financial advisor to Levelset on its signing of a definitive agreement to be acquired for approximately $500 million by Procore Technologies, Inc. (NYSE: PCOR), a leading provider of construction management software.

Headquartered in New Orleans, Louisiana with offices in Austin, Texas and Cairo, Egypt, Levelset is a construction software company that helps contractors and suppliers simplify compliance and payment processes, decrease financial risks and improve cash flow resulting in faster payments and more reliable access to capital. With approximately 300 employees, Levelset’s software is a highly reliable source to manage complex payment workflows that has been deployed on over 6.5 million construction projects by more than 250,000 users. The addition of Levelset will add lien rights management to Procore’s product suite and allow for growth opportunities through the delivery of valuable data and intelligence to their customers.

“The Levelset team has achieved the creation of an extremely innovative and efficient software tool to help enable a smoother process, which ensures key construction project stakeholders are paid faster,” said Joe Morgan, co-head of technology investment banking at D.A. Davidson.

“We are honored to have had the opportunity to provide our expertise and work collaboratively with the Levelset management team as they partner with Procore to take this solution to the next level,” said Michael “Max” Maxworthy, co-head of technology investment banking at D.A. Davidson.

D.A. Davidson’s technology investment banking practice is one of the most active middle market groups in the United States having advised on over 50 advisory and public equity transactions representing more than $20 billion in value since January 2021. Upon closing, the transaction will be the third successful construction technology transaction for the firm in the last two years.

“The dedication of the D.A. Davidson team was on full display as we approach this next chapter for Levelset,” said Scott Wolfe Jr., Levelset CEO. “The guidance and creativity that they brought to the table were invaluable.”

The transaction is subject to customary closing conditions and anticipated to close in the fourth quarter of this year.

D.A. Davidson’s investment banking division is a leading full-service investment bank that offers comprehensive financial advisory and capital markets expertise. The group has extensive transaction experience serving middle market clients worldwide across four industry verticals: consumer, diversified industrials, financial institutions, and technology.

Together with its European strategic partner, MCF Corporate Finance, D.A. Davidson originates and executes transatlantic M&A transactions under the common brand of D.A. Davidson MCF International.

About D.A. Davidson Companies

D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 and headquartered in Montana, with corporate offices in Denver, Los Angeles, Portland and Seattle, the company has approximately 1,400 employees and offices in 28 states.

Subsidiaries include: D.A. Davidson & Co., the largest full-service investment firm headquartered in the Northwest, providing wealth management, investment banking, equity and fixed income capital markets services and advice; Davidson Investment Advisors, a professional asset management firm; D.A. 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.

Contacts

Emily Roy

Prosek for D.A. Davidson

(646) 818-9232

eroy@prosek.com