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SARASOTA, Fla., March 18, 2019 (GLOBE NEWSWIRE) -- Roper Technologies, Inc. (NYSE: ROP), a leading diversified technology company, today announced that it has reached a definitive agreement to acquire Foundry in an all-cash transaction valued at £410 million (GBP).
Foundry is a leading provider of software technologies used to deliver award-winning visual effects and 3D content for the digital design, visualization, and entertainment industries. Foundry’s software is deeply embedded across the creative pipeline and is supported by a large ecosystem of users, trainers, and evangelists across the globe.
“Foundry has become the industry standard in an attractive niche market by maintaining a commitment to serve the complex needs of its customers,” said Neil Hunn, Roper’s President and CEO. “Combined with an impressive management team and attractive financial profile, these characteristics make Foundry a great fit for Roper. We look forward to supporting Foundry’s long-term growth as the team continues to develop differentiated, superior solutions for its current and future customers.”
The management team, led by CEO Craig Rodgerson, will continue to lead the business from its London headquarters. Foundry’s name and brands are not expected to change as a result of the transaction.
Acquisition Financing and Financial Outlook
Roper anticipates funding the transaction using its revolving credit facility and cash on hand. During the first 12 months of ownership, Roper expects Foundry to deliver approximately $75 million (USD) of revenue. Roper expects the acquisition to be immediately cash accretive. Foundry has a strong history of growth in revenue, EBITDA, and cash flow, which Roper expects to continue.
The transaction is expected to close in April 2019, subject to regulatory approval and customary closing conditions.
About Roper Technologies
Roper Technologies is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. Roper operates businesses that design and develop software (both license and software-as-a-service) and engineered products and solutions for a variety of niche end markets. Additional information about Roper is available on the Company’s website at www.ropertech.com.
Foundry develops creative software for the digital design, media and entertainment industries. With a 20-year heritage and a portfolio of award-winning products, Foundry advances the art and technology of visual experience in partnership with creative leaders around the globe. Clients and partners include major feature film studios and post-production houses such as Pixar, ILM, MPC, Walt Disney Animation, Weta Digital, DNEG, and Framestore as well as automotive, footwear, apparel, and technology companies such as Mercedes, New Balance, Adidas, and Google. Foundry partners with these companies to solve complex visualization challenges to turn incredible ideas into reality. Established in 1996, Foundry is headquartered in London, with offices in Manchester and Austin. For more information visit www.foundry.com.
The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may 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, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "believes," "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 identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, the newly acquired businesses. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, changes in foreign exchange rates, difficulties associated with exports, risks associated with our international operations, 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, 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.