Fortive Corporation has entered into a definitive agreement with Clearlake Capital Group to acquire Provation Software, a leading provider of clinical workflow software solutions used in hospitals and Ambulatory Surgical Centers (ASCs), for $1.425 billion. The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close by the end of the year.
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. It currently serves more than 5,000 customers and is expected to have 2021 revenues of approximately $110 million.
Provation’s comprehensive portfolio serves gastroenterology and other clinical specialties with solutions that span the entire patient procedure, from pre-op through post-op recovery and follow-up, enhancing physician efficiency and effectiveness.
James A Lico, President and Chief Executive Officer of Fortive, said: “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.
“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.”
Daniel Hamburger, CEO of Provation, added: “For more than 25 years, Provation has been a market leader in procedure documentation software, ensuring enhanced patient outcomes during their most critical moments. 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.
“Joining Fortive will help us accelerate our expansion into new acute care specialties, 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.”
Fortive expects to finance the acquisition with short-term debt and available cash.
