Fortive Corp. (NYSE: FTV) has acquired Provation Software, Inc., a provider of clinical workflow software services used in hospitals and ASCs, from Clearlake Capital Group, LP for $1.425 billion.
Provation provides innovative services to enhance clinical care, productivity and reporting and billing accuracy. The firm serves over 5,000 customers with expected 2021 revenues of $110 million.
“We are extremely excited to announce the pending addition of Provation to the Fortive team,” added James Lico, president and CEO at Fortive. “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.”
“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 that clinicians can trust,” stated Daniel Hamburger, CEO of Provation.
Evercore served as financial advisor and Kirkland & Ellis LLP served as legal counsel to Fortive. Credit Suisse and William Blair served as financial advisor and Sidley Austin LLP served as legal counsel to Provation. Jefferies served as financial advisor to Clearlake.