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December 7, 2021


Fortive announced that it has entered into a definitive agreement with Clearlake Capital Group to acquire Provation Software, a provider of clinical workflow software solutions used in hospitals and Ambulatory Surgical Centers, for $1.43 billion. The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close by the end of the year. Founded in 1994, Provation delivers solutions to enhance clinical productivity, care coordination, and reporting and billing accuracy in order to deliver high-quality patient care. Provation currently serves more than 5,000 customers and is expected to have 2021 revenues of approximately $110 million. Fortive expects to finance the acquisition with short-term debt and available cash, and estimates the acquisition will be accretive to adjusted diluted net earnings per share by greater than $0.08 in fiscal 2022. Evercore served as financial advisor and Kirkland & Ellis served as legal counsel to Fortive. Credit Suisse and William Blair served as financial advisor and Sidley Austin served as legal counsel to Provation. Fortive is headquartered in Everett, and employs a team of more than 18,000 research and development, manufacturing, sales, distribution, service and administrative employees in more than 50 countries around the world.

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