WASHINGTON (dpa-AFX) - Roper Technologies, Inc. (ROP), a maker of engineered products, said on Tuesday that it has completed the acquisition of Syntellis Performance Solutions, for $1.25 billion, which includes a $135 million tax benefit resulting from the transaction.
Syntellis is a cloud-based management and data solutions provider focused on healthcare, financial institutions, and higher education.
The consideration is about 15 times Syntellis' expected 2024 EBITDA, Roper said in a statement.
The transaction, closed on August 7, was funded through Roper's cash on hand and revolving credit facility.
Neil Hunn, CEO of Roper, said: '.Syntellis is a fantastic business that meets all of our acquisition criteria, including niche market leadership, mission critical solutions, a high recurring revenue mix, strong customer retention, negative working capital, and excellent cash conversion.'
For 2024, Syntellis is expected to contribute around $185 million of revenue, with $85 million of EBITDA, including planned cost synergies.
The newly acquired business will be combined with Roper's Strata Decision Technology led by Strata's CEO, John Martino.
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