Procore vs Conject vs Aconex

Procore is reckoned to be Aconex major compeditor, so I thought that I'd research and compile a comparison of stats for Procore vs Conject vs Aconex.

I've normalized everything to Aussie dollars and to calendar years (just because that was easiest) and had to make some estimates, but should be close enough. Would welcome any comments re errors, etc.

Looking at the graph, what's very clear is that if Procore's Price/Revenue is correct, Conject was a steal and Aconex is currently way, way undervalued.

PROCORE

• Founded 2003
• Dec 2016 got A$66m VC funding
• Total VC funding now totals A$236.3m
• End Dec 2015 valuation A$660m
• End Dec 2016 valuation A$1.32b
• CY12 Revenue A$4.8m
• CY15 Revenue A$40m (estimate)
• CY16 Revenue A$72.6m (expected)
• Currently ~700-employees
• Claims 1.5 million users worldwide,
• Claims clients in 92 countries.
• Plans first foreign offices in Canada and Australia soon

http://www.forbes.com/sites/amyfeld...corn-status-after-50m-fundraise/#79a94066c268

CONJECT

• Leading Euopean Construction Collaboration platform
• Founded 2000 in Germany
• Approximately 210 employees
• 12 offices in 9 countries.
• Customer base of more than 670 owners/operators/contractors
• Users in approximately 50 countries.
• CY15 revenue of A$36.1m and EBITDA of A$1.1m
• CAGR 18% over last three calendar years.
• FY15 73% gross margin 3% EBITDA margin
• Aquired by Aconex for A$97 million on 1 April 2016
• Forecast 15-20% revenue growth for next four years

• Forecast 70-72% gross margin, near term
• Forecast 73-75% gross margin, medium term.
• Forecast 11-16% EBITDA margin, near term
• Forecast 20-25% EBITDA margin, medium term

https://www.aconex.com/news/press-release/aconex-completes-acquisition-conject

ACONEX

• Founded 2000
• 41 offices in 22 countries
• More than 60,000 user organizations
• 4.8m users in more than 70 countries
• > $1 trillion of project value to date
• Dec 2015 EV A$895m
• Dec 2016 EV A$1b
• CY15 Revenue A$99.5m
• CY16 Revenue A$135.2m (expected)

http://investor.aconex.com/FormBuil...le/ACX-FY16-Results-Investor-Presentation.pdf