Roper Technologies has acquired Syntellis Performance Solutions

To be combined with Roper’s Strata Decision Technology business

SARASOTA, Fla., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Roper Technologies, Inc. (Nasdaq: ROP) today announced that it has completed the acquisition of Syntellis Performance Solutions for a net purchase price of $1.25 billion, including a $135 million tax benefit resulting from the transaction. The net purchase price represents approximately 15 times Syntellis’ expected 2024 EBITDA. Syntellis is a leading provider of cloud-based performance management and data solutions for healthcare, financial institutions, and higher education, and will be combined with Roper’s Strata Decision Technology business, a leading provider of healthcare financial planning, decision support, and performance management solutions.

"The Syntellis transaction is another great example of Roper’s disciplined and process-driven acquisition approach,” said Neil Hunn, Roper Technologies’ President and CEO. “Syntellis is a fantastic business that meets all of our acquisition criteria, including niche market leadership, mission critical solutions, a high recurring revenue mix, strong customer retention, negative working capital, and excellent cash conversion.”

“Bringing together Strata and Syntellis will enhance the innovation and value that can be delivered to their combined customer base,” said Mr. Hunn. “We are excited to welcome Syntellis to the Roper family and look forward to partnering with the new combined business on its numerous long-term growth opportunities.”

The combined business will retain the Strata Decision Technology name and be led by Strata’s CEO, John Martino.

Acquisition financing and financial outlook

The transaction closed on August 7, 2023 and Roper funded the acquisition using its cash on hand and revolving credit facility.

Syntellis is expected to contribute approximately $185 million of revenue and $85 million of EBITDA in 2024, including planned cost synergies.

About Roper Technologies

Roper Technologies is a constituent of the S&P 500 and Fortune 1000. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company’s website at www.ropertech.com.