Fortive Closes Acquisition of Healthcare Workflow Software Provider Provation.

MANews-(C)2009-2021

US-based connected workflow solutions provider Fortive Corp. (NYSE: FTV) has closed the acquisition of US-based clinical workflow software solutions provider Provation Software, Inc, whose solutions are used in hospitals and ASCs, for USD 1.425bn, from US-based investment firm Clearlake Capital Group, L.P, the company said.

Founded in 1994, Provation offers solutions to enhance clinical productivity, care coordination, and reporting and billing accuracy in order to consistently deliver high-quality patient care.

Provation currently serves more than 5,000 customers and is expected to have 2021 revenues of approximately USD 110m.

Provation's portfolio serves gastroenterology and other clinical specialties with solutions that span the entire patient procedure, from pre-op through post-op recovery and follow-up, enhancing physician efficiency and effectiveness.

Fortive said it expects to finance the acquisition with short-term debt and available cash, and estimates the acquisition will be accretive to adjusted diluted net earnings per share by greater than USD 0.08 in fiscal 2022.

Evercore served as financial advisor and Kirkland and Ellis LLP served as legal counsel...

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