Roper Technologies to buy Vertafore for $5.35 billion in cash
Roper Technologies Inc. announced Thursday a deal to buy Vertafore in a cash deal valued at $5.35 billion. Roper expects to fund the acquisition, which is expected to close in the third quarter, with cash on hand, new debt and by drawing on its revolving credit facility. Vertafore provides software-as-a-service for the property and casualty insurance industry. Roper expects Vertafore to contribute $590 million of revenue in 2021. "Vertafore is a fantastic business characterized by clear leadership in its niche market, a strong management team, high customer retention, and a long track record of consistent revenue and cash flow growth," said Roper Chief Executive Neil Hunn. Roper's stock, which was still inactive in premarket trading, has rallied 26.1% year to date, while the S&P 500 has gained 4.6%.
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