Roper Technologies (Nasdaq: ROP), acquired Syntellis Performance Solutions, a Chicago, IL-based provider of cloud-based performance management and data solutions for healthcare, financial institutions, and higher education, for a net purchase price of $1.25 Billion, including a $135M tax benefit resulting from the transaction.
The transaction closed on August 7, 2023 and Roper funded the acquisition using its cash on hand and revolving credit facility. Syntellis is expected to contribute approximately $185M of revenue and $85M of EBITDA in 2024, including planned cost synergies.
The company will be combined with Roper’s Strata Decision Technology business, a provider of healthcare financial planning, decision support, and performance management solutions. The combined business will retain the Strata Decision Technology name and be led by Strata’s CEO, John Martino.
Syntellis Performance Solutions provides innovative enterprise performance management software, data and intelligence solutions for healthcare, education and financial institutions, which include Axiom, Connected Analytics and Stratasan software. These solutions help finance professionals elevate performance by acquiring insights, accelerating decisions, and advancing their business plans. Over 2,800 organizations and 450,000 users currently use its solutions.
Led by CEO and President Neil Hunn, Roper operates businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets, by utilizing a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions.
Strata Decision Technology provides a cloud-based financial planning, analytics and performance platform that is used by healthcare providers for financial planning, decision support and continuous improvement. Founded in 1996, the company’s client base includes over 2,000 hospitals representing over 450 healthcare delivery systems. Its StrataJazz® application is a single integrated software-as-a-service platform that includes modules for financial planning, decision support and performance management.
FinSMEs
13/08/2023