German construction sector still in recession, civil engineering only bright spot
CARPINTERIA, Calif. - Procore Technologies, Inc. (NYSE:PCOR), a construction management software provider with impressive 80% gross profit margins and annual revenue of $1.23 billion, announced Monday that Ajei Gopal will succeed founder Tooey Courtemanche as Chief Executive Officer, effective November 10, 2025, following the company’s Q3 earnings release. According to InvestingPro data, the company maintains a strong financial position with more cash than debt on its balance sheet.
Gopal, who previously served as President and CEO of Ansys, Inc. from 2017 to 2025, brings over 35 years of technology leadership experience to the construction management software provider. During his tenure at Ansys, the company significantly increased its revenue and market value before being acquired by Synopsys, Inc. for $35 billion. He joins Procore at a time when the company is showing strong revenue growth of 16% year-over-year and is expected to achieve profitability in 2025, based on InvestingPro analyst forecasts.
Courtemanche, who founded Procore 25 years ago, will transition to focus on his role as Chair of the Board of Directors after stepping down from operational responsibilities.
"Procore is one of the most transformative companies in the market today," said Gopal in a statement based on the company’s press release. "I’m passionate about empowering people to build the physical world through digital innovation."
Courtemanche expressed confidence in his successor, noting Gopal’s experience "leading a vertical software company to billions in revenue uniquely positions him to help us scale and capture the opportunity ahead."
Prior to Ansys, Gopal held leadership positions at Hewlett-Packard, CA Technologies, and Symantec, and served as an operating partner at private equity firm Silver Lake.
Graham Smith, Procore’s Lead Independent Director, cited Gopal’s "track record of driving efficient growth, innovation, and operational excellence" as key factors in his appointment.
The company reaffirmed its previously announced financial guidance for Q3 and full-year fiscal 2025.
Procore’s platform is used across more than three million construction projects in over 150 countries, according to information provided in the company statement.
In other recent news, Procore Technologies, Inc. reported impressive second-quarter 2025 earnings, surpassing analyst expectations. The company posted non-GAAP earnings per share of $0.35, significantly higher than the consensus estimate of $0.26. Additionally, revenue reached $324 million, exceeding the forecast of $311.99 million. Despite these strong results, Citizens JMP downgraded Procore’s stock rating from Market Outperform to Market Perform. Meanwhile, Stifel reiterated its Buy rating on the company, maintaining a price target of $80. Furthermore, DA Davidson initiated coverage with a Neutral rating and a $70 price target. In a strategic move, Procore announced a multi-year collaboration with Amazon Web Services to enhance its construction management technology. This partnership aims to boost product development in artificial intelligence, data operability, and analytics.
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