The industrial technology company expects the acquisition of Provation Software to accelerate the strategy of its advanced healthcare solutions segment by consolidating its position in critical workflow solutions for hospitals and ASCs
Fortive, a US-based industrial technology company, has agreed to acquire healthcare workflow software provider Provation Software from Clearlake Capital Group and its affiliates for $1.4bn.
Based in Minnesota, Provation Software is engaged in providing software and SaaS-based clinical productivity and workflow automation solutions for hospitals and ambulatory surgical centres (ASCs).
The company was established in 1994. Its solutions are said to help in improving clinical productivity, care coordination, and accuracy in reporting and billing.
Presently, Provation Software is claimed to cater to over 5,000 customers. Its revenues for 2021 are expected to be around $110m.
Provation Software’s portfolio serves gastroenterology and other clinical specialities. Its solutions are designed to cover the complete patient procedure, starting from pre-op through post-op recovery and follow-up.
Provation Software CEO Daniel Hamburger said: “Today we start an exciting new chapter and look forward to joining the Fortive team, furthering our vision to be the global leader in innovative healthcare quality and productivity.
“Joining Fortive will help us accelerate our expansion into new acute care specialities, while allowing us to harness the power of the Fortive Business System to better serve our healthcare customers with innovative digital offerings and industry-leading productivity solutions that clinicians can trust.”
Fortive expects the acquisition to expedite the strategy of its advanced healthcare solutions (AHS) segment by consolidating its position in critical workflow solutions for hospitals and ASCs.
The AHS unit of Fortive provides advanced technologies to healthcare facilities, hospitals, and laboratories. The firm’s technologies are designed to help in meeting critical safety standards, ensuring that instruments operate at peak performance, and complex procedures are accurately followed in a dynamic environment.
Fortive’s AHS business includes Advanced Sterilization Products (ASP) for infection prevention technologies, Censis for surgical asset management, Fluke Health Solutions for healthcare test and measurement, and Invetech for custom automation for innovative therapies.
Fortive president and CEO James Lico said: “This acquisition will bring extensive software development expertise and innovation capabilities to the AHS segment, significantly accelerating our segment strategy to provide critical workflow solutions for hospitals and ASCs.”
“Adding Provation’s software offering and broad customer coverage to existing positions at ASP and Censis will broaden our growth opportunities across the segment.”
The transaction, which is subject to regulatory approvals and customary closing conditions, is anticipated to be wrapped up by the end of this month.