Deals

Fortive to buy healthcare software maker Provation for $1.43 bln

1 minute read

REUTERS/Francois Lenoir

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Dec 3 (Reuters) - Industrial products maker Fortive Corp (FTV.N) said on Friday it had entered a deal with Clearlake Capital Group to acquire Provation Software Inc, a provider of software solutions used in hospitals, for nearly $1.43 billion.

Investment firm Clearlake had acquired Provation in 2018.

Fortive, which spun out from Danaher Corp (DHR.N) in 2016, expects to finance the deal with short-term debt and cash.

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The move is the second billion dollar deal that Fortive has announced in the span of about five months. In July, the company said it would buy a facilities management software provider ServiceChannel for $1.2 bln from Bayard Capital and Accel Partners.

The conglomerate expects the deal to add to its adjusted earnings per share by more than 8 cents in fiscal 2022.

Evercore served as financial advisor to Fortive, while Credit Suisse and William Blair served as financial advisor to Provation.

The deal is expected to close by the end of the year.

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Reporting by Manojna Maddipatla and Oishee Majumdar in Bengaluru; Editing by Amy Caren Daniel

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