Construction is one of the least digitized large industries which means there’s a bull case for a vertical Software-as-a–Service (SaaS) solution: a software tool that serves just one specific niche. Why vertical? Because in industries where digitization lacks, would-be adopters are suspicious. “If it ain’t broke don’t fix it,” the foreman says as he spits a mouthful of chaw into the waste bucket. And he’s right. Everything does work fine, but when the competition starts talking about a flashy new software package that makes life easier for their customers, adoption suddenly isn’t an option. It’s mandatory, and what drives rapid adoption is the network effect. If all your peers are using a software solution and you’re not, well, you’re probably the one that’s broken. Selling to an “undigitized” industry is challenging for obvious reasons, but there’s a big benefit for investors who fund these software platforms. All that talk about AI replacing SaaS software doesn’t hold too much water. How likely does it seem that technology laggards will suddenly start vibe coding their own solutions? They’ve only just started adopting software solutions. That brings us to Procore $PCOR, a construction SaaS leader. Growth will tell us whether this firm is disrupting, or being disrupted. That’s why we expressed some concerns in our last piece on Procore about their sharply decelerating revenue growth. Procore’s Growth Continues It’s important to note that