- Fortive (NYSE:FTV) agrees to acquire SaaS-based multi-site solutions provider ServiceChannel from Bayard Capital and Accel Partners for ~$1.2B.
- Fortive expects ServiceChannel to generate $125M of revenues in 2021.
- "ServiceChannel fits extremely well alongside Accruent and Gordian, broadening our offering of software-enabled solutions for the Facility and Asset Lifecycle workflow, "Fortive President and CEO James Lico says.
- Also, Fortive says it estimates Q2 total revenue growth of ~25% with core revenue growth of 20%, and adjusted operating profit margin to come in ahead of prior guidance.
- "Fortive is well-positioned with its diversified business portfolio and has a long-term growth aspect with its exposure to the automation industry," Daniel Cho writes in a bullish analysis posted earlier this year on Seeking Alpha.