Industrial products maker Fortive is set to acquire Provation Software, a provider of software solutions used in hospitals, for nearly $1.43 billion, from Clearlake Capital Group.
Investment firm Clearlake had acquired Provation in 2018.
Fortive, which spun out from Danaher in 2016, expects to finance the deal with short-term debt and cash.
In July, Fortive said it would buy a facilities management software provider ServiceChannel for $1.2 billion from Bayard Capital and Accel Partners.
The global healthcare information software market reached a value of $24 Billion in 2020, according to the IMARC Group. The worldwide healthcare software market expects to grow at a CAGR of around 7 percent during 2021-2026.
Provation currently serves more than 5,000 customers and is expected to have 2021 revenues of approximately $110 million.
Provation is delivering procedure documentation and clinical decision support solutions to thousands of health systems, hospitals and ASCs.
“This acquisition will bring software development expertise and innovation capabilities to the AHS segment, significantly accelerating our segment strategy to provide critical workflow solutions for hospitals and ASCs,” James A. Lico, President and Chief Executive Officer of Fortive, said.
