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- Fortive Corp FTV agreed with Bayard Capital and Accel Partners to acquire ServiceChannel for $1.2 billion.
- ServiceChannel is a provider of SaaS-based multi-site facilities maintenance service solutions with an integrated service-provider network.
- Fortive will fund the acquisition primarily with available cash. It held $1.3 billion in cash and equivalents as of Apr. 2, 2021.
- The acquisition will close in Q3 of 2021.
- Upon closing, ServiceChannel will be an independent operating company within Fortive's Intelligent Operating Solutions segment.
- ServiceChannel fits well alongside Accruent and Gordian, broadening the company’s offering of software-enabled solutions for the Facility and Asset Lifecycle workflow, Fortive CEO James A. Lico said.
- Fortive expects ServiceChannel to generate $125 million of revenue in 2021.
- Outlook: Fortive raised its Q2 2021 revenue growth guidance to 25% from the prior range of 20%-23%, versus consensus of $1.28 billion.
- It raised the core revenue growth guidance to 20% from the previous range of 16%-19%.
- It expects the adjusted operating profit margin to surpass its prior guidance of 19.5%-20.5%.
- The company will hold its earnings call on Jul. 29.
- Price action: FTV shares closed lower by 0.33% at $70.45 on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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