Business Acquisitions

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Business Acquisitions

Business Acquisitions

On May 2, 2023, Roper acquired the outstanding membership interests of Promium, LLC, a leading provider of laboratory information management systems in the environmental and water markets for a purchase price of $16.5. This acquisition has been integrated into our CliniSys business and its results are reported in the Application Software reportable segment.

On August 7, 2023, Roper acquired the outstanding membership interests of Syntellis Parent, LLC, a Delaware limited liability company and the parent company of Syntellis Performance Solutions, LLC, a leading provider of cloud-based performance management and data solutions for healthcare, financial institutions, and higher education markets for a purchase price of $1,381, adjusted for cash acquired and certain liabilities assumed. Additionally, the purchase price contemplated a net present value tax benefit of approximately $135 which is expected to be utilized over the next 15 years. This acquisition has been integrated into our Strata business and its results are reported in the Application Software reportable segment.

On August 21, 2023, Roper acquired the assets of Replicon Inc., a provider of time tracking software solutions for project and services centric organizations, for a purchase price of $447.5, adjusted for cash acquired and certain liabilities assumed. Additionally, the purchase price contemplated a net present value tax benefit of approximately $80 which is expected to be utilized over the next 15 years. This acquisition has been integrated into our Deltek business and its results are reported in the Application Software reportable segment.

The Company recorded $1,137.8 in goodwill, $30.7 assigned to trade names that are not subject to amortization, and $792.7 of other identifiable intangibles in connection with these three acquisitions. The amortizable intangible assets include customer relationships of $710.1 (19.2 year weighted average useful life) and technology of $82.6 (6.6 year weighted average useful life).

The results of operations of the acquired businesses are included in Roper’s Condensed Consolidated Financial Statements since the date of each acquisition. Pro forma results of operations and the revenues and net earnings subsequent to the acquisition date for the acquisitions have not been presented because the effects of the acquisitions were not material to our financial results.

On August 4, 2023, Roper acquired an 18.2% limited partnership minority interest in CI Ultimate Holdings, L.P., the parent entity of Certinia Inc., a leading provider of professional services automation software, for $125.0, which is recorded as a component of “Equity investments” in our Condensed Consolidated Balance Sheet. The Company’s investment is accounted for under the equity method of accounting. Beginning in the fourth quarter of 2023, Roper will report our proportionate share of earnings/(loss) associated with this investment as a component of “Equity investment activity, net.”