M&A Acquirer Playbook

Fortive Corporation acquisition history.

Every deal, price, and strategic rationale.

Company Fortive Corporation

SEC CIK 0001659166

Tracked filings EDGAR · 8-K

Total deals tracked

Disclosed 8-K acquisitions, 2017 — present.

Aggregate disclosed value

$11.6B

approximately $11.6 billion across disclosed transactions — Accruent ($2.0B), ASP ($2.7B), Gordian ($778M), 2019 tuck-ins ($1.2B), ServiceChannel ($1.2B), Provation ($1.4B), EA Elektro-Automatik ($1.72B), Landauer ($770M).

Active acquisition years

2017 · 2018 · 2019 · 2021 · 2024

2018-2019 was the most active stretch (Accruent, Gordian, ASP and the Intelex/Pruftechnik/Censis tuck-ins).

Primary sectors

Software-enabled workflow and recurring-revenue instrumentation

facilities and asset management software (Accruent, Gordian, ServiceChannel), healthcare workflow and sterilization (ASP, Provation, Censis), and test & measurement (EA Elektro-Automatik, Landauer).

Verified 8 deals on this page · sourced from SEC filings

All cross-references covered.

Timeline

8 deals, $11.6B deployed.

Plotted by close date where disclosed, otherwise announcement. Click any marker to jump to the deal entry.

The playbook

The rationale that repeats.

Three patterns show up across Fortive's deal book — what the team buys, how it pays, and how it integrates. The patterns are the throughline; the individual deals below are the evidence.

Acquisition criteria

Buy recurring-revenue software, not hardware.

Since spinning off from Danaher in 2016, Fortive has repeatedly paid premium multiples for SaaS and subscription businesses — Accruent and Gordian in facilities and construction software, ServiceChannel in facilities-maintenance SaaS, and Provation in clinical workflow software. Each acquisition is described in Fortive's filings as extending its software-enabled solutions for the facility and asset lifecycle or its digital offering in healthcare.

LandauerThe Gordian Group, Inc. (TGG Ultimate Holdings)Accruent, LLC (Athena SuperHoldCo, Inc.)Advanced Sterilization Products (ASP) business of Johnson & JohnsonIntelex Technologies, Pruftechnik, and Censis Technologies (2019 acquisitions)

Capital deployment

Anchor platforms, then bolt on tuck-ins.

Fortive establishes a category anchor and clusters smaller deals around it: Accruent and ServiceChannel both broaden the facility and asset lifecycle workflow platform, while ASP, Provation and Censis build out the healthcare franchise. Its FY19 disclosures show four businesses (Intelex, Pruftechnik, Censis and others) folded into existing units for a combined $1.2 billion.

Integration approach

Reshape the portfolio in both directions.

Fortive funds acquisitions while continuously separating businesses it no longer wants — splitting off the automation and specialty platform in 2018, spinning off Vontier in 2020, and completing the Ralliant separation in 2025. The acquisitions here are net additions; the divestitures and spin-offs are excluded.

Deal book · 8 acquisitions

The full deal book.

8 acquisitions. Click any row to see the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.

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).

Why it was attractive

01 Recurring subscription revenue model in radiation safety monitoring

Capabilities acquired

radiation dosimetryoccupational radiation monitoringoutsourced medical physics servicessubscription-based analytical services

FORTIVE TO ACQUIRE LANDAUER FOR $67.25 PER SHARE, OR APPROXIMATELY $770 MILLION

Fortive press release September 6, 2017

Deal value

$770M

approximately $770 million net of acquired cash ($67.25 per share)

Terms

AnnouncedSep 2017

ClosedOct 2017

StructureFull acquisition

Considerationall cash

Deal facts

GeographyGlenwood, Illinois (global operations)

SegmentProfessional Instrumentation

Integration unitProfessional Instrumentation segment

Integration timelineClosed October 19, 2017 via merger of Fern Merger Sub into Landauer.

Not disclosed in filing Target revenue / EBITDA · Cash impact / synergies

Fundingall cash.

SEC 8-K · Landauer

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.

Why it was attractive

01 Recurring software and data revenue serving the building lifecycle

Capabilities acquired

construction cost dataconstruction estimating softwarefacilities and procurement workflow solutions

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

Deal value

$778M

$778 million net of cash acquired

Terms

AnnouncedJul 2018

ClosedJul 2018

StructureFull acquisition

Considerationall cash

Deal facts

GeographyGreenville, South Carolina

SegmentIndustrial Technologies / software

Integration unitIndustrial Technologies segment

Integration timelineClosed July 27, 2018.

Not disclosed in filing Target revenue / EBITDA · Cash impact / synergies

Fundingall cash.

SEC 8-K · The Gordian Group

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.

Why it was attractive

01 Cloud-based recurring-revenue SaaS leader in facilities and asset management

Capabilities acquired

facilities asset management softwarereal estate and facilities lifecycle managementcloud-based asset intelligence

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

Deal value

$2.0B

approximately $2.0 billion net of acquired cash

Terms

AnnouncedJul 2018

ClosedSep 2018

StructureFull acquisition

Considerationall cash

Deal facts

GeographyAustin, Texas

SegmentIndustrial Technologies / software

Integration unitIndustrial Technologies segment (later Intelligent Operating Solutions)

Integration timelineDefinitive transaction agreement signed July 31, 2018; closed September 6, 2018.

Not disclosed in filing Target revenue / EBITDA · Cash impact / synergies

Fundingall cash.

SEC 8-K · Accruent

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.

Why it was attractive

01 Large installed base with recurring consumable revenue in infection prevention

Capabilities acquired

low-temperature terminal sterilizationhigh-level disinfectioninfection-prevention consumables and capital equipment for hospitals

FORTIVE COMPLETES ACQUISITION OF ADVANCED STERILIZATION PRODUCTS BUSINESS FROM JOHNSON & JOHNSON

Fortive 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

Deal value

$2.7B

aggregate purchase price of $2.7 billion

Terms

AnnouncedJun 2018

ClosedApr 2019

StructureCarve-out

Considerationall cash

Deal facts

GeographyIrvine, California (global operations)

SegmentAdvanced Healthcare Solutions

Integration unitAdvanced Healthcare Solutions

Integration timelineBinding offer made June 6, 2018; principal closing April 1, 2019, with non-principal countries closing as regulatory approvals were satisfied.

Not disclosed in filing Target revenue / EBITDA · Cash impact / synergies

Fundingall cash.

SEC 8-K · Advanced Sterilization Products (ASP) business of Johnson & Johnson

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.

Why it was attractive

01 Recurring-revenue software and specialized instrumentation in growth verticals

Capabilities acquired

EHS and quality management software (Intelex)condition monitoring and laser alignment (Pruftechnik)surgical instrument tracking software (Censis)

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

Deal value

$1.2B

total consideration of $1.2 billion in cash, net of cash acquired (four businesses combined)

Terms

AnnouncedJan 2019

ClosedJan 2019

StructureFull acquisition

Considerationall cash

Deal facts

GeographyToronto, Canada (Intelex); Germany (Pruftechnik); Franklin, Tennessee (Censis)

SegmentIntelligent Operating Solutions / Advanced Healthcare Solutions

Integration unitIntelligent Operating Solutions and Advanced Healthcare Solutions

Integration timelineAll closed during calendar year 2019; aggregate value disclosed at year-end.

Not disclosed in filing Target revenue / EBITDA · Cash impact / synergies

Fundingall cash.

SEC 8-K · Intelex Technologies

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.

Why it was attractive

01 Recurring SaaS revenue extending the facility and asset lifecycle workflow platform alongside Accruent

Capabilities acquired

SaaS facilities maintenance managementmulti-site service automationintegrated service-provider marketplace

FORTIVE TO ACQUIRE SERVICECHANNEL FOR APPROXIMATELY $1.2 BILLION

Fortive 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

Deal value

$1.2B

approximately $1.2 billion in cash (includes ~$28M deferred compensation)

Terms

AnnouncedJul 2021

ClosedAug 2021

StructureFull acquisition

Considerationall cash

Financials

Target revenue / EBITDAapproximately $70 million (2020)

Deal facts

GeographyNew York, New York

SegmentIntelligent Operating Solutions

Integration unitIntelligent Operating Solutions

Integration timelineAnnounced July 12, 2021; closed August 24, 2021.

Not disclosed in filing Cash impact / synergies

Fundingall cash.

SEC 8-K · ServiceChannel Holdings

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.

Why it was attractive

01 Recurring clinical-software revenue in hospitals and surgery centers

Capabilities acquired

clinical procedure documentation softwaregastroenterology workflowambulatory surgery center software

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

Deal value

$1.4B

approximately $1.4 billion

Terms

AnnouncedDec 2021

ClosedDec 2021

StructureFull acquisition

Considerationall cash

Financials

Target revenue / EBITDAapproximately $90 million (2020)

Deal facts

GeographyMinneapolis, Minnesota

SegmentAdvanced Healthcare Solutions

Integration unitAdvanced Healthcare Solutions

Integration timelineClosed December 27, 2021.

Not disclosed in filing Cash impact / synergies

Fundingall cash.

SEC 8-K · Provation Software

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.

Why it was attractive

01 Exposure to energy-transition test and measurement with high-power electronics expertise

Capabilities acquired

high-power programmable electronic loads and power suppliestest solutions for batteriesEVhydrogen and renewable energy

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

Deal value

$1.72B

purchase price of $1.72 billion (net of acquired cash)

Terms

AnnouncedJan 2024

ClosedJan 2024

StructureFull acquisition

Considerationall cash

Deal facts

GeographyViersen, Germany

SegmentPrecision Technologies (Professional Instrumentation)

Integration unitPrecision Technologies segment

Integration timelineClosed January 3, 2024; financed in part with notes issued February 2024.

Not disclosed in filing Target revenue / EBITDA · Cash impact / synergies

Fundingall cash.

SEC 8-K · EA Elektro-Automatik Holding GmbH

End of deal book

8 acquisitions · $11.6B deployed ·2017 — present

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Contact sales See platform

8 deals, $11.6B deployed.

The rationale that repeats.

Buy recurring-revenue software, not hardware.

Anchor platforms, then bolt on tuck-ins.

Reshape the portfolio in both directions.

The full deal book.

Bring this depthto every deal.

Bring this depth
to every deal.