It is a milestone in New Orleans’ technology market, local software company Levelset, sold this week for $500 million to a multi-billion dollar California company, Procore Technologies.
The business deal is a testament to the growing technology business market forming in New Orleans by New Orleanians.
Scott Wolfe founded Levelset almost a decade ago. He started the company after he got his law degree from Loyola University.
Wolfe always had a passion for technology according to The Times-Picayune | The Advocate.
According to the news outlet, Wolfe descends from generations of contractors. Fresh out of law school he lands a career in construction law where he found a need for a software tool to help contractors keep track of their contract payments.
Wolfe used his knowledge of the construction business and his passion for technology to design software to help construction contractors with their contractor billing.
"Construction liens weren’t as flashy as being the next food delivery or dating app or a social network," said Tulane professor and head of its Albert Lepage Center for Entrepreneurship, Rob Lalka. “But they accomplished something great by building a product that created value for an overlooked customer, and that should be a wake-up call for other New Orleans entrepreneurs.”
"The Levelset story is a validation of the local entrepreneurial ecosystem, and now is our opportunity to help Levelset and Procore grow more right here in this market," said Michael Hecht, president and CEO of GNO Inc., the regional economic development agency tells Nola.com
Growth in the New Orleans tech hub has been slow, the news outlet reports. The sale of Levelset helps solidify the technology development market in the city.
Wolfe says he feels the company’s new owner will continue to grow the business here in New Orleans.
There should be a hundred more like us and we should be asking ourselves how we do that," he said.