Fortive acquires Accruent for $2 billion


Fortive Corp., said it has reached an agreement to acquire software maker, Accruent for $2 billion.

Accruent is a provider of physical resource management software for approximately $2.0 billion in cash. The acquisition is subject to customary closing conditions, including regulatory approvals, and will be financed with available cash and proceeds from borrowings.

Fortive also said it has the completed acquisition of Gordian.

James A. Lico, President and Chief Executive Officer of Fortive, stated: “We are excited to acquire a premium software asset of scale with strong upsell and cross-sell capabilities across the resource management ecosystem. The complementary strengths of Accruent, Gordian and Fluke Digital Systems will create an industry-leading IOT portfolio consisting of connected devices, software enabled workflows, and data analytics.”

Accruent is a recognized leader in the physical resource management industry, combining deep domain and industry capabilities with an integrated, cloud-based framework that provides insights spanning the full lifecycle of real estate, facilities and asset management. Accruent serves over 10,000 global customers, and assures clients fulfill the mission of their organization by extending the lifecycle of assets, ensuring full compliance and reducing safety risks.

Mr. Lico continued, “Accruent’s team of software veterans and acquisition strategy have positioned the company for accelerated growth. We look forward to working with the Accruent team to deliver an expanded suite of solutions to meet the market’s critical and growing needs.”

The transaction is expected to close in the third quarter of 2018. Fortive expects Accruent to generate approximately $270 million of revenue in 2018. Upon closing, Accruent will become part of Fortive’s Field Solutions platform (comprising Fluke, Qualitrol, Industrial Scientific and Gordian) within Fortive’s Professional Instrumentation segment.

The company said UBS Investment Bank served as financial advisor on the transaction while Kirkland & Ellis served as the legal counsel.

Leave a Reply

Your email address will not be published. Required fields are marked *