Industrial products maker Fortive Corp said on Tuesday that it would buy software maker Accruent from private equity firm Genstar Capital for about US$2 billion in cash.
Accruent’s software is used by more than 10,000 customers to manage real estate, facilities and assets and the company is expected to generate revenue of about US$270 million in 2018, Fortive said in a statement.
The Accruent deal will help complement strengths in its Fluke Digital Systems unit and its recent acquisition of construction software company Gordian to create a technology portfolio consisting of connected devices, software enabled workflow and data analytics, Fortive said.
Everett, Washington-based Fortive, the industrial technology spun off from Danaher Corp, will fund the deal with available cash and proceeds from borrowings.
The deal is expected to close in the third quarter and would add to Fortive’s free cash flow and earnings next year.
UBS Investment Bank is Fortive’s financial adviser, while Genstar’s adviser is Lazard.
Source:-theedgemarkets