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Fortive to buy Accruent
Posted on Thursday, 02 August 2018 15:01
Industrial growth company Fortive has announced it is to buy Genstar Capital’s company Accruent for USD 2.00 billion.
The target will form a part of the buyer’s field solutions platform within the professional instrumentation division, that comprises companies including Fluke, Qualitrol and Industrial Scientific, among others.
Subject to customary conditions and regulatory approvals, the transaction is expected to complete in the third quarter of 2018.
The deal will be financed with available cash and proceeds through borrowings.
News of a transaction follows hot on the heels of Fortive’s announcement that it has acquired data software provider Gordian for USD 775.00 million.
In addition, the group agreed to pay USD 2.00 billion for Athena SuperHoldCo earlier this week. This target is also owned by private equity firm Genstar Capital.
James A. Lico, chief executive officer of the buyer, said that the combined strength of the companies will allow it to become an industry-leader in the Internet-of-Things sector.
The deal will advance services such as connected devices, software enabled workflows and data analytics.
Accruent claims to be a leading player in the physical resource management software field, using cloud-based frameworks to provide a full overview of real estate, facilities and asset management for clients.
Services include market planning and site selection, lease administration and accounting and space planning for businesses.
It has over 10,000 customers worldwide with operations across Canada and the US, as well as internationally in Germany, India, China and Israel, among others.
Fortive is expecting Accruent to achieve revenue of USD 270.00 million in 2018.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 6,491 deals targeting data processing, hosting and related services providers announced worldwide since the beginning of 2018.
Blackstone agreed to buy the financial and risk business of Thomson Reuters in the largest of these transactions worth USD 20.00 billion.
Other companies to be targeted in this sector include CA, Ant Financial Services Group and Flipkart, among others.
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