Roper Technologies to buy software firm PowerPlan for $1.1 billion

[May 21, 2018]  (Reuters) - IT services provider Roper Technologies Inc said on Monday it would buy software company PowerPlan for $1.1 billion in an all-cash deal from private equity firm Thoma Bravo.

This is Roper's second billion-dollar deal with the private equity firm. In 2016, it bought business software firm Deltek for $2.8 billion.

Thoma Bravo bought PowerPlan, which provides tax, regulatory and budgeting solutions to businesses, in 2015 from investors JMI Equity and TPG Growth for an undisclosed price.

Roper's current deal, which will immediately add to the company's free cash flow, is likely to be funded by both existing credit and cash on hand.

During the first 12 months of ownership, Roper expects PowerPlan to generate about $150 million of revenue and $60 million of after-tax free cash flow.

The Lakewood Ranch, Florida-based Roper said the transaction is expected to close in the second quarter, subject to regulatory approval.

(Reporting by Vibhuti Sharma in Bengaluru; Editing by Arun Koyyur)

[© 2018 Thomson Reuters. All rights reserved.]

Copyright 2018 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.