SARASOTA, Fla., March 18, 2019 (GLOBE NEWSWIRE) -- Roper Technologies, Inc. (NYSE: ROP), a leading diversified technology company, today announced that it has reached a definitive agreement to acquire Foundry in an all-cash transaction valued at £410 million (GBP).
Foundry is a leading provider of software technologies used to deliver award-winning visual effects and 3D content for the digital design, visualization, and entertainment industries. Foundry’s software is deeply embedded across the creative pipeline and is supported by a large ecosystem of users, trainers, and evangelists across the globe.
“Foundry has become the industry standard in an attractive niche market by maintaining a commitment to serve the complex needs of its customers,” said Neil Hunn, Roper’s President and CEO. “Combined with an impressive management team and attractive financial profile, these characteristics make Foundry a great fit for Roper. We look forward to supporting Foundry’s long-term growth as the team continues to develop differentiated, superior solutions for its current and future customers.”
The management team, led by CEO Craig Rodgerson, will continue to lead the business from its London headquarters. Foundry’s name and brands are not expected to change as a result of the transaction.
Acquisition Financing and Financial Outlook
Roper anticipates funding the transaction using its revolving credit facility and cash on hand. During the first 12 months of ownership, Roper expects Foundry to deliver approximately $75 million (USD) of revenue. Roper expects the acquisition to be immediately cash accretive. Foundry has a strong history of growth in revenue, EBITDA, and cash flow, which Roper expects to continue.
The transaction is expected to close in April 2019, subject to regulatory approval and customary closing conditions.
About Roper Technologies
Roper Technologies is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. Roper operates businesses that design and develop software (both license and software-as-a-service) and engineered products and solutions for a variety of niche end markets. Additional information about Roper is available on the Company’s website at www.ropertech.com.
About Foundry
Foundry develops creative software for the digital design, media and entertainment industries. With a 20-year heritage and a portfolio of award-winning products, Foundry advances the art and technology of visual experience in partnership with creative leaders around the globe. Clients and partners include major feature film studios and post-production houses such as Pixar, ILM, MPC, Walt Disney Animation, Weta Digital, DNEG, and Framestore as well as automotive, footwear, apparel, and technology companies such as Mercedes, New Balance, Adidas, and Google. Foundry partners with these companies to solve complex visualization challenges to turn incredible ideas into reality. Established in 1996, Foundry is headquartered in London, with offices in Manchester and Austin. For more information visit www.foundry.com.
