CARPINTERIA, Calif., July 10, 2019 /PRNewswire/ -- Procore Technologies, Inc., a leading provider of construction management software, today announced the appointments of Paul Lyandres as Chief Financial Officer and Rusty Reed as Chief Strategy Officer, effective immediately.
Both Lyandres and Reed joined Procore in 2014. Together they have helped scale the company from under $10 million in annual recurring revenue (ARR) to over $250 million today. Over their five year tenure they have partnered to help raise over $200 million in funding, most recently at a $3.0 billion valuation, and have both been closely involved in all board of director and investor relations activities.
"Very few people have the depth of knowledge of the construction tech market and SaaS business acumen that Paul has from his time as an investor in Procore and then throughout his years helping scale the business to what it is today. I look forward to seeing him continue to excel at Procore in his new role as CFO," said Tooey Courtemanche, founder and CEO of Procore. "Additionally, the rate of growth and pace of change at Procore has necessitated the creation of our new role of CSO, and with his previous experience as a former CEO and corporate development leader, no one is more capable of fulfilling the responsibilities of this role than Rusty."
"It's clear that Paul has a deep understanding not just of Procore's finances but of the broader overall business and industry as a whole. I look forward to working with him in his new capacity as CFO. And as Procore continues to explore adjacent markets and new opportunities, I am grateful to have a veteran such as Rusty leading our corporate strategy," commented Will Griffith, board member of Procore and Partner of ICONIQ Capital.
As CFO, Lyandres will be responsible for global financial reporting and compliance, financial planning and analysis, investor relations and driving continuous process and system improvements to support the company's growing global operations.
Prior to joining the Procore team, Lyandres was as an investor at Bessemer Venture Partners where he focused on vertical SaaS investments and helped lead Bessemer Venture Partners' investment in Procore. During his tenure in the role of EVP, Strategy & Corporate Development, Paul was instrumental in fundraising, developing the company's revenue model, leading Procore's international expansion, driving the annual planning process, and the launch of Procore.org and the Procore App Marketplace.
"Having worked closely with Paul for the last five years, I am excited to continue to partner with him in his new role. I have always had a strong desire to focus on strategy and corporate development and coming off our best quarter ever the timing could not be better for this planned transition," said Rusty Reed, CSO of Procore.
Reed, a proven leader who has helped to shape Procore's strategy since his 2006 investment in the firm, will continue to report directly to the CEO in his capacity as Chief Strategy Officer, where he will lead the company's strategic planning process and M&A activities as the business continues to scale to meet the needs of its global customer base.
Procore is a leading provider of construction management software. Procore connects people, applications, and devices through a unified platform to help construction professionals manage risk and build quality projects, safely, on time, and within budget. The company has a diversified business model with products for Project Management, Construction Financials, Quality & Safety, and Field Productivity. Headquartered in Carpinteria, California, with offices around the globe, Procore is used to manage billions of dollars in annual construction volume. For more information about Procore, visit procore.com.
SOURCE Procore Technologies, Inc.