Roper Technologies Inc. (NYSE: ROP) is buying cloud-based construction data network ConstructConnect for $632 million. The purchase comes as dealmakers are optimistic that construction-related spending is expected to increase leading into 2017.
ConstructConnect is a networking community for the construction industry that brings together manufacturers, general contractors and subcontractors, project owners, architects and engineers. The Cincinnati, Ohio-based target facilitates the pre-construction process by compiling a list of projects needed to fulfill the work lifecycle, helping project owners identify service providers. Project owners are able to request proposals while contractors can submit pitches to potentially find and win more work. ConstructConnect has generated more than $55 million bid invitations across more than 400,000 construction projects in the last 12 months. Roper Tech expects the target to generate approximately $150 million in revenue in 2017.