Fortive to Acquire Accruent for Approximately $2.0 Billion in Cash

  • Agreement to Acquire a Leading Provider of Facilities & Asset Management Software
  • Large Global Installed Base with Significant Recurring Revenue of ~70% in 2017
  • Further Advances Fortive’s Digital Strategy of Connected Devices & IOT, Software Enabled Workflow and Data Analytics
  • Strong Financial Profile Expected to be Accretive to Free Cash Flow and Earnings in 2019
  • Long Runway for Future M&A within the estimated $7 Billion Total Addressable Facilities & Asset Management Software Market

EVERETT, Wash.--(BUSINESS WIRE)-- Fortive Corporation (“Fortive”) (NYSE: FTV) announced today that it has entered into a definitive agreement with Genstar Capital to acquire Accruent, a privately-held, leading provider of physical resource management software for approximately $2.0 billion in cash. The acquisition is subject to customary closing conditions, including regulatory approvals, and will be financed with available cash and proceeds from borrowings. Fortive also announced today the completion of its acquisition of Gordian.

James A. Lico, President and Chief Executive Officer of Fortive, stated: “We are excited to acquire a premium software asset of scale with strong upsell and cross-sell capabilities across the resource management ecosystem. The complementary strengths of Accruent, Gordian and Fluke Digital Systems will create an industry-leading IOT portfolio consisting of connected devices, software enabled workflows, and data analytics.”

Accruent is a recognized leader in the physical resource management 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 asset management. Accruent serves over 10,000 global customers, and assures clients fulfill the mission of their organization by extending the lifecycle of assets, ensuring full compliance and reducing safety risks.

Mr. Lico continued, “Accruent’s team of software veterans and acquisition strategy have positioned the company for accelerated growth. We look forward to working with the Accruent team to deliver an expanded suite of solutions to meet the market’s critical and growing needs.”

The transaction is expected to close in the third quarter of 2018. Fortive expects Accruent to generate approximately $270 million of revenue in 2018. Upon closing, Accruent will become part of Fortive’s Field Solutions platform (comprising Fluke, Qualitrol, Industrial Scientific and Gordian) within Fortive’s Professional Instrumentation segment.


UBS Investment Bank served as financial advisor to Fortive on this transaction. Kirkland & Ellis served as legal counsel to Fortive.


Fortive will hold a conference call today at 8:30 am ET. The call and an accompanying slide presentation will be webcast on the “Investors” section of the website,, under “Events & Presentations.” A replay of the webcast will be available at the same location shortly after the conclusion of the presentation.

The conference call can be accessed by dialing 844-443-2871 (toll-free domestic) or 213-660-0916 (international); Conference ID: 7397087. A replay of the call will be available until August 14, 2018 via telephone starting approximately two hours after the call ends. Once available, the replay can be accessed at 800-585-8367 (toll-free domestic) or 404-537-3406 (international); Conference ID: 7397087 or visit the “Investors” section of the website under “Events & Presentations.”


Fortive is a diversified industrial growth company comprised of Professional Instrumentation and Industrial Technologies businesses that are recognized leaders in attractive markets. With 2017 revenues of $6.7 billion, Fortive’s well-known brands hold leading positions in field instrumentation, transportation, sensing, product realization, automation and specialty, and franchise distribution. Fortive is headquartered in Everett, Washington and employs a team of more than 26,000 research and development, manufacturing, sales, distribution, service and administrative employees in more than 50 countries around the world. With a culture rooted in continuous improvement, the core of our company’s operating model is the Fortive Business System. For more information please visit:


Statements in this release that are not strictly historical, including statements regarding the proposed acquisition, the anticipated timing and terms of the acquisition, future product solutions, future financial and operational impact or results of the acquisition, the anticipated prospects of Accruent or the industry following the acquisition, future growth opportunities following the acquisition, future cyclicality, and any other statements regarding events or developments that Fortive expects or anticipates will or may occur in the future, are “forward-looking” statements within the meaning of the federal securities laws. There are a number of important risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These risks and uncertainties include, among other things, the ability of the parties to satisfy the conditions to the acquisition on a timely basis, the parties’ ability to complete the acquisition on the anticipated terms and schedule, including the ability to obtain regulatory approvals, deterioration of or instability in the economy, international trade policies, and the financial markets, changes in trade relations with China, contractions or lower growth rates and cyclicality of markets Fortive or Accruent serves, competition, changes in industry standards and governmental regulations, Fortive’s ability to successfully integrate and realize the anticipated value of Accruent’s operations, the ability to realize anticipated growth, synergies and cost savings, and Accruent’s performance and maintenance of important business relationships pending closing of the acquisition. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2017 and our Quarterly Report on Form 10-Q for the quarters ended March 30, 2018 and June 29, 2018. These forward-looking statements speak only as of the date of this release, and Fortive does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.

With respect to the non-GAAP forwarding-looking statements on “Free Cash Flow,” Fortive is unable to provide a quantitative reconciliation to the most directly comparable GAAP measure because the items that would be reconciled are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance.

Lisa Curran
Vice President, Investor Relations
Fortive Corporation
6920 Seaway Boulevard
Everett, WA 98203
Telephone: (425) 446-5000

Source: Fortive