Image by Marcus Bernales on Flickr , under CC BY 2.0 license Procore, a Carpinteria, California-based construction tech startup valued at $3 billion by investors, has filed to go public with the U.S. Securities and Exchange Commission (SEC), corroborating a previous report of the company having courted investment bank Goldman Sachs to arrange an initial public offering (IPO). Unsurprisingly, Goldman Sachs is a lead underwriter for Procore's IPO, alongside investment banks J.P. Morgan, Barclays, and Jefferies. Procore's S-1 filing indicates $289 million in revenue and $83 million in losses for the full year ended December 31, 2019. This compares with $186 million in revenue and $56.7 million in losses in the previous year, and $112 million in revenue and $55.5 million in losses the year before that. Sales and marketing account for the bulk of Procore's business costs, with the company having spent $173 million in 2019, $113 million in 2018, and $78 million in 20
A very big new acquisition has happened in the tech industry, with Okta (NASDAQ: OKTA), the publicly-traded cloud identity and access management software provider, announcing an agreement to buy Auth0, a fellow cloud identity software provider, for a price of $6.5 billion to be paid all with shares. A $6.5 billion exit for Auth0 marks a major win for the startup scene in Seattle, the tech hub where Auth0 is based and also a major win for the company's backers and investors. Auth0 last raised venture funding last year in July with a $120 million Series F round that valued the company at $1.9 billion. Now, it's about to sell for more than triple that amount. Auth0 has raised more than $330 million in total venture funding, with investors including the likes of Salesforce Ventures, Bessemer Venture Partners, Telstra Ventures, Sapphire Ventures, and DTCP. Salesforce Ventures led Auth0's most recent $120 million Series F round. With its acquisition of a fellow cloud identity a