Fortive To Buy Provation For $1.425 Bln

(RTTNews) - Fortive Corp. (FTV) Friday said it has agreed to buy to acquire Provation Software Inc., a provider of clinical workflow software solutions used in hospitals and ASCs, for $1.425 billion from Clearlake Capital Group, L.P.

Founded in 1994, Provation delivers innovative solutions to enhance clinical productivity, care coordination, and reporting and billing accuracy in order to consistently deliver high-quality patient care. The deal is expected to close by the end of the year.

CEO James Lico stated: "We are extremely excited to announce the pending addition of Provation to the Fortive team. Provation is a best-in-class healthcare software provider, delivering safe, efficient and scalable procedure documentation and clinical decision support solutions to thousands of health systems, hospitals and ASCs."

Fortive plans to fund the deal with short-term debt and available cash, and estimates the acquisition will be accretive to adjusted earnings by greater than $0.08 per share in fiscal 2022.