Week in Review, Sept. 20-24: Levelset Acquisition Sets Records
NEW ORLEANS – Here, from staff and wire reports, are the week’s top business stories:
Procore Technologies Inc., a provider of construction management software, announced it has signed an agreement to acquire Levelset, a New Orleans tech company that created an online platform for managing construction liens, in a deal said to be worth roughly $500 million. Procore said the acquisition will add lien rights management to its platform, allow it to manage complex compliance workflows, and improve the payment process in construction. It also presents “future growth opportunities,” the company said in a press release. “Construction work is hard enough — getting paid shouldn’t be,” said Procore Founder and CEO Tooey Courtemanche. “Levelset helps the construction industry get paid faster, and their offering will be a perfect addition to the Procore platform.”
The City of New Orleans announced that it will award four contracts aimed at solving the city’s ongoing solid waste collection crisis. Emergency contracts will be awarded to Ceres Environmental Services LLC, River Birch LLC, Waste Management Inc. and Witt O’Brien’s LLC. The City is pursuing FEMA funding to subsidize the cost; the current estimates for all new emergency trash collection is in the range of $20 million. “These additional contracts will supplement curbside solid waste trash collection in both service areas and will include methodical coordination as they work in partnership with our current contractors that are stepping in to assist,” said Mayor LaToya Cantrell in a press release.
Tigeraire, a tech startup born in New Orleans and based in Baton Rouge, has announced that General Catalyst, the Silicon Valley venture capital firm behind Venmo, Stripe, Airbnb and TikTok, has signed as its lead investor. Tigeraire’s first product, the Cyclone, consists of dual blowers designed to fit between the padding inside a football helmet and designed to provide a cooler, more comfortable playing environment. The company’s portfolio of products is set to grow over the next year into other sports as well as industrial hard hats and ballistic helmets.
Caesars Entertainment and Nola.com have announced a partnership that makes Caesars Sportsbook an exclusive sports betting and odds provider of the publication. The deal comes before the launch of legalized sports betting in Louisiana, where Caesars Sportsbook is planning retail sportsbook locations and mobile betting in parishes where permitted. “The partnership with Nola.com allows us to deepen our connection to the people of Louisiana, a community with which Caesars shares a rich history through casinos, hospitality, entertainment and the recently renamed Caesars Superdome,” said Chris Holdren, co-president of Caesars Digital, a division of Caesars Entertainment.
Four Regional Economic Development organizations in the hurricane-impacted areas of Louisiana have joined together to support efforts for a unified disaster aid appropriation for the state’s recovery. The four groups urge the U.S. Congress to join with the Louisiana Congressional Delegation to secure funding so the area can rebuild. … Also this week, Ochsner Health and LCMC Health, two of Louisiana’s largest health systems and private employers, are teaming up with Louisiana Gov. John Bel Edwards and other national and state officials to lobby for federal relief.
Amid calls for investigations following major power losses during Hurricane Ida, the power company subsidiary that provides electric service to New Orleans said Tuesday it’s ready to discuss having the city assume control of the municipal power system. That’s one of four options Entergy New Orleans outlined in a news release as the company prepares for discussions with the City Council, which regulates the electric monopoly in the city. The other options include a merger with another Entergy Corporation subsidiary, Entergy Louisiana; a sale of Entergy New Orleans to another public or private business; or establishing a spinoff company separate from Entergy Corporation.