Deal Timeline
Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.
The Acquisition Playbook.
Three patterns run through Fortive's acquisitions — what it looks for, how it pays, and how it folds in what it buys.
The Full Deal Book
9 acquisitions — each with the deal value, financing structure, target revenue, and executive commentary where disclosed.
01 Landauer, Inc. · Glenwood, Illinois (global operations) $770M
Landauer is a leading global provider of subscription-based technical and analytical services to determine occupational and environmental radiation exposure, as well as a provider of outsourced medical physics services. Acquired via merger of Fern Merger Sub Inc. into Landauer (NYSE: LDR). approximately $770 million net of acquired cash ($67.25 per share).
- Recurring subscription revenue model in radiation safety monitoring
FORTIVE TO ACQUIRE LANDAUER FOR $67.25 PER SHARE, OR APPROXIMATELY $770 MILLIONFortive press release — September 6, 2017
02 The Gordian Group, Inc. (TGG Ultimate Holdings) · Greenville, South Carolina $778M
Gordian is a privately-held, leading provider of construction cost data, software and service. Gordian's comprehensive offerings serve the entire building lifecycle, providing workflow and data solutions for construction and facilities professionals. Acquired through TGG Ultimate Holdings, Inc. $778 million net of cash acquired.
- Recurring software and data revenue serving the building lifecycle
On July 27, 2018, we acquired TGG Ultimate Holdings, Inc. and its subsidiaries, including The Gordian Group, Inc. ('Gordian'), a privately-held, leading provider of construction cost data, software and service, for a total purchase price of $778 million net of cash acquired.Fortive FY19 10-K — Acquisitions note
03 Accruent, LLC (Athena SuperHoldCo, Inc.) · Austin, Texas $2.0B
Accruent is a recognized leader in the facilities asset management software 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 assets. Acquired through purchase of all outstanding shares of Athena SuperHoldCo, Inc. from Genstar Capital. approximately $2.0 billion net of acquired cash.
- Cloud-based recurring-revenue SaaS leader in facilities and asset management
On September 6, 2018, we acquired Athena SuperHoldCo, Inc., including Accruent, LLC ('Accruent'), a privately-held, leading provider of facilities asset management software, for a total purchase price of approximately $2.0 billion net of acquired cash.Fortive FY19 10-K — Acquisitions note
04 Advanced Sterilization Products (ASP) business of Johnson & Johnson · Irvine, California (global operations) $2.7B
Advanced Sterilization Products is a global leader in low-temperature terminal sterilization and high-level disinfection used by hospitals to sterilize medical instruments. Acquired from Ethicon, Inc., a subsidiary of Johnson & Johnson, under a Stock and Asset Purchase Agreement covering Principal and Non-Principal Countries. aggregate purchase price of $2.7 billion.
- Large installed base with recurring consumable revenue in infection prevention
FORTIVE COMPLETES ACQUISITION OF ADVANCED STERILIZATION PRODUCTS BUSINESS FROM JOHNSON & JOHNSONFortive press release — April 1, 2019
On April 1, 2019 (the 'Principal Closing Date'), we acquired the Advanced Sterilization Products business ('ASP') of Johnson & Johnson for an aggregate purchase price of $2.7 billion.Fortive FY19 10-K — Acquisitions note
05 Intelex Technologies, Pruftechnik, and Censis Technologies (2019 acquisitions) · Toronto, Canada (Intelex); Germany (Pruftechnik); Franklin, Tennessee (Censis) $1.2B
During 2019 Fortive acquired four businesses including Intelex Technologies (EHS and quality management software), Pruftechnik (condition monitoring and alignment instruments), and Censis Technologies (surgical instrument tracking software), for total consideration of $1.2 billion in cash net of acquired cash. Intelex and Pruftechnik complement the Professional Instrumentation / Intelligent Operating Solutions segment; Censis sits within Advanced Healthcare Solutions. total consideration of $1.2 billion in cash, net of cash acquired (four businesses combined).
- Recurring-revenue software and specialized instrumentation in growth verticals
In addition to the acquisition of ASP, during 2019, we acquired four businesses including Intelex Technologies, Pruftechnik, and Censis Technologies for total consideration of $1.2 billion in cash, net of cash acquired.Fortive FY19 10-K — Acquisitions note
06 ServiceChannel Holdings, Inc. · New York, New York $1.2B
ServiceChannel is a privately held, global provider of SaaS-based multi-site facilities maintenance service solutions with an integrated service-provider network. The acquisition broadens Fortive's offering of software-enabled solutions for the facility and asset lifecycle workflow. ServiceChannel had revenue in 2020 of approximately $70 million. approximately $1.2 billion in cash (includes ~$28M deferred compensation).
- Recurring SaaS revenue extending the facility and asset lifecycle workflow platform alongside Accruent
FORTIVE TO ACQUIRE SERVICECHANNEL FOR APPROXIMATELY $1.2 BILLIONFortive press release — July 12, 2021
On August 24, 2021, we acquired ServiceChannel Holdings, Inc., a privately held, global provider of SaaS based multi-site facilities maintenance service solutions with an integrated service-provider network.Fortive FY22 10-K — Acquisitions note
07 Provation Software, Inc. · Minneapolis, Minnesota $1.4B
Provation is a leading provider of clinical workflow software solutions used in hospitals and ambulatory surgery centers. The acquisition extends Fortive's digital offering and software capabilities in the healthcare space. Provation had revenue in 2020 of approximately $90 million. approximately $1.4 billion.
- Recurring clinical-software revenue in hospitals and surgery centers
On December 27, 2021, we acquired Provation Software, Inc. ('Provation'), a leading provider of clinical workflow software solutions used in hospitals and ambulatory surgery centers. The acquisition of Provation extends our digital offering and software capabilities in the healthcare space. The total consideration paid was approximately $1.4 billion.Fortive FY22 10-K — Acquisitions note
08 EA Elektro-Automatik Holding GmbH · Viersen, Germany $1.72B
EA Elektro-Automatik is a leading supplier of high-power electronic test solutions for energy storage, mobility, hydrogen, and renewable energy applications. The acquisition bolsters the Precision Technologies segment's portfolio of products and services for engineers with complementary test and measurement solutions enabling the global energy transition. purchase price of $1.72 billion (net of acquired cash).
- Exposure to energy-transition test and measurement with high-power electronics expertise
On January 3, 2024, we acquired EA Elektro-Automatik Holding GmbH ('EA'), a leading supplier of high-power electronic test solutions for energy storage, mobility, hydrogen, and renewable energy applications.Fortive FY24 10-K — Acquisitions note
09 Industrial Scientific Corporation · Pittsburgh, Pennsylvania, USA $600M
Industrial Scientific is a provider of portable gas-detection instruments and a pioneer of connected 'safety-as-a-service' monitoring for hazardous industrial environments. Fortive acquired it to accelerate its digital and connected-solutions strategy and strengthen its platform for critical maintenance and worker-safety applications.
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