Roper Industries (ROP) to Acquire ConstructConnect for $632M
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Roper Technologies, Inc. (NYSE: ROP) today announced that it has entered into a definitive agreement to acquire ConstructConnect, a leading provider of cloud-based data, collaboration, and workflow automation solutions to the commercial construction industry.
ConstructConnect's software as a service (SaaS) solutions have over 800,000 users spanning general contractors, subcontractors, and building product manufacturers throughout the U.S. and Canada. This network of users generated over 55 million invitations to bid across 400,000 construction projects over the last 12 months.
The management team, led by Dave Conway, will continue to lead the business from its Cincinnati, Ohio headquarters. The business will continue to operate as ConstructConnect and market its software solutions under current brand names, including iSqft, Bidclerk, CMD and Construction Data.
"We are excited to acquire another industry-leading SaaS and informatics business," said Brian Jellison, Roper's Chairman, President and CEO. "ConstructConnect has created the largest cloud-based network for collaboration between participants in the construction industry. Its solutions facilitate the pre-construction process from opportunity identification through project award, driving efficiency and creating revenue opportunities for its users. We look forward to working with Dave and the leadership team to continue to grow the business and expand the offerings to its large customer base."
The purchase price for the acquisition is $632 million and the transaction is expected to close this week. Roper expects ConstructConnect to generate approximately $150 million of revenue in 2017.
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