SARASOTA, Fla., Oct. 31, 2016 /PRNewswire/ -- Roper Technologies, Inc. (NYSE: ROP) today announced that it has entered into a definitive agreement to acquire ConstructConnect, a leading provider of cloud-based data, collaboration, and workflow automation solutions to the commercial construction industry.
ConstructConnect's software as a service (SaaS) solutions have over 800,000 users spanning general contractors, subcontractors, and building product manufacturers throughout the U.S. and Canada. This network of users generated over 55 million invitations to bid across 400,000 construction projects over the last 12 months.
The management team, led by Dave Conway, will continue to lead the business from its Cincinnati, Ohio headquarters. The business will continue to operate as ConstructConnect and market its software solutions under current brand names, including iSqft, Bidclerk, CMD and Construction Data.
"We are excited to acquire another industry-leading SaaS and informatics business," said Brian Jellison, Roper's Chairman, President and CEO. "ConstructConnect has created the largest cloud-based network for collaboration between participants in the construction industry. Its solutions facilitate the pre-construction process from opportunity identification through project award, driving efficiency and creating revenue opportunities for its users. We look forward to working with Dave and the leadership team to continue to grow the business and expand the offerings to its large customer base."
The purchase price for the acquisition is $632 million and the transaction is expected to close this week. Roper expects ConstructConnect to generate approximately $150 million of revenue in 2017.
About Roper Technologies
Roper Technologies is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. Roper designs and develops software (both software-as-a-service and licensed), and engineered products and solutions for healthcare, transportation, food, energy, water, education and other niche markets worldwide. Additional information about Roper is available on the company's website at www.ropertech.com.
ConstructConnect's collaborative network empowers the construction industry to be more successful with access to relevant information through easy to use technology. Headquartered in Cincinnati, Ohio and with eight other offices in the US and Canada, ConstructConnect brings project participants together throughout North America with the most complete, accurate and actionable construction data to drive success in their markets. For more information, visit constructconnect.com.
The information provided in this press release contains forward looking statements within the meaning of the federal securities laws. These forward looking statements include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth and profit expectations. Forward looking statements may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "believes" or "intends" and similar words and phrases. These statements reflect management's current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward looking statement. Such risks and uncertainties include our ability to integrate our acquisitions and realize expected synergies. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions, unfavorable changes in foreign exchange rates, difficulties associated with exports, risks associated with our international operations, difficulties in making and integrating acquisitions, risks associated with newly acquired businesses, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, environmental compliance costs and liabilities, risks and cost associated with asbestos related litigation and potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
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SOURCE Roper Technologies, Inc.