Procore Technologies (PCOR) said Thursday that its Procore for Government solution has received Federal Risk and Authorization Management Program, or FedRAMP, Moderate Authorization.

The authorization allows Procore's platform to securely handle Controlled Unclassified Information and support Department of Defense contractors who may have Cybersecurity Maturity Model Certification Level 2 obligations.

Shares of Procore were down more than 8% in recent trading.

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