M&A Deal Summary

Fortive Acquires ProVation Medical

On December 3, 2021, Fortive acquired internet software and services company ProVation Medical from Clearlake Capital

Acquisition Highlights
  • This is Fortive’s 2nd transaction in the Internet Software and Services sector.
  • This is Fortive’s 8th transaction in the United States.
  • This is Fortive’s 2nd transaction in Minnesota.

M&A Deal Summary

Date 2021-12-03
Target ProVation Medical
Sector Internet Software and Services
Buyer(s) Fortive
Sellers(s) Clearlake Capital
Deal Type Add-on Acquisition
Advisor(s) Credit Suisse Investment Banking
William Blair (Financial)
Sidley (Legal)

Target

ProVation Medical

Minneapolis, Minnesota, United States
ProVation Medical is a provider of healthcare software and SaaS solutions for clinical productivity, care coordination, quality reporting, and billing. ProVation Medical solutions are proven to improve clinical workflows, staff satisfaction, and the patient experience. ProVation Medical was founded in 1994 and is based in Minneapolis, Minnesota.

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Buyer(S) 1

Buyer

Fortive

Everett, Washington, United States

Category Company
Founded 2015
Sector Test/Measurement Equipment
Employees18,000
Revenue 6.1B USD (2023)
DESCRIPTION

Fortive is a diversified designer, developer, manufacturer, servicer and marketer of professional and engineered products, software, and services for a variety of end markets. Fortive was founded in 2015 and is based in Everett, Washington.


DEAL STATS #
Overall 8 of 9
Sector (Internet Software and Services) 2 of 2
Type (Add-on Acquisition) 8 of 9
State (Minnesota) 2 of 2
Country (United States) 8 of 8
Year (2021) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-03 Provation Software

Minneapolis, Minnesota, United States

Provation Software is a provider of clinical workflow software solutions used in hospitals and ASCs. Provation Software was founded in 1994 and is based in Minneapolis, Minnesota.

Buy $1.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-23 EA Elektro-Automatik

Viersen, Germany

EA Elektro-Automatik is a manufacturer of laboratory power supplies. Research, development, and manufacture of power electronics, with focus on laboratory power supplies (AC and DC), electronic loads (DC), battery chargers and DC emergency power supplies. EA Elektro-Automatik was founded in 1974 and is based in Viersen, Germany.

Buy $1.5B

Seller(S) 1

SELLER

Clearlake Capital

Santa Monica, California, United States

Category Private Equity Firm
Founded 2006
PE ASSETS 72.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Clearlake Capital Group is a private equity firm that focuses on corporate divestitures, recapitalizations, buyouts, restructurings, rescue financing, growth capital, turnarounds, and other equity investments. Clearlake seeks to partner with strong management teams by providing long-term capital and operational expertise. Areas of interest include technology, industrials, and consumer. Clearlake Capital Group was formed in 2006 and is based in Santa Monica, California.


DEAL STATS #
Overall 29 of 35
Sector (Internet Software and Services) 2 of 4
Type (Add-on Acquisition) 11 of 14
State (Minnesota) 2 of 2
Country (United States) 27 of 32
Year (2021) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-29 Quest

Aliso Viejo, California, United States

Quest is a provider of a broad suite of integrated infrastructure software for managing systems, data, and applications. Quest helps organizations be IT resilient by protecting and powering users, endpoints and data, as well as by hardening cybersecurity systems. Quest is based in Aliso Viejo, California.

Buy $5.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-13 That’s How We Roll

Montclair, New Jersey, United States

That’s How We Roll is a producer and marketer of ParmCrisps and Thinsters, two fast-growing, better-for-you brands offering delicious, convenient products. That’s How We Roll is based in Montclair, New Jersey.

Sell -