Roper Technologies to Acquire Foundry, Leading Provider of Complex Visualization Software Solutions
March 18 2019 - 4:01PM
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.
About Foundry
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.
Contact Information: Investor
Relations941-556-2601 investor-relations@ropertech.com
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