- About Us
Sarasota, Florida, July 26, 2010 … Roper Industries, Inc. (NYSE: ROP) today announced that it has agreed to acquire iTradeNetwork, Inc., the leading global provider of SaaS-based trading network and business intelligence solutions to the food industry, in a $525 million all-cash transaction.
Headquartered in Pleasanton, California, iTradeNetwork’s leading solutions serve over 6,200 customers transacting over $250 billion annually. The Company's solutions allow distributors, manufacturers, operators and retailers to reduce supply chain costs, grow revenue and strengthen trading partner relationships.
"iTradeNetwork is an excellent addition to our growing SaaS businesses, complementing the outstanding software services platforms we have built with our CBORD/Horizon and Freight Matching businesses," said Brian Jellison, Roper’s Chairman, President and CEO. Importantly, the transaction meets all of our acquisition criteria. iTradeNetwork operates a unique platform that generates significant cash flow and has low working capital requirements. Because of the considerable value the Company creates for its participants, 97% of revenue is recurring in nature with long-term, subscription-based contracts that historically have had a 99% renewal rate. The acquisition gives Roper additional scale to pursue acquisitions in the software solutions space, where continue to see many attractive opportunities.
“We welcome iTradeNetwork’s outstanding leadership team to Roper and look forward to working together to enhance the value of the business,” Mr. Jellison added. iTradeNetwork’s management team, under the leadership of Rob Bonavito, will continue to lead the business as part of Roper.
Mr. Bonavito said, “Our team is excited by the many new growth opportunities before us as part of Roper, including compelling opportunities with the Company’s other leading-edge businesses. At the same time, we remain focused on building and operating the most robust trading network for our participants and our customers will find that we will continue to provide the same excellent service and support, with full continuity of personnel. In fact, with greater scale, our customers will be able to expect even more from us. Roper's financial and strategic resources will allow us to pursue a variety of new initiatives.”
Roper is acquiring iTradeNetwork from Accel-KKR, a technology-focused private equity investment firm. Completion of the transaction is expected by the end of the week.
About Roper Industries
Roper Industries is a market-driven, diversified growth company and is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. Roper provides engineered products and solutions for global niche markets, including water, energy, radio frequency and research/medical applications. Additional information about Roper Industries is available on the Company’s website at www.roperind.com.
About iTradeNetwork, Inc.
iTradeNetwork, Inc. is the leading global provider of SaaS (Software-as-a-Service) based trading network and business intelligence solutions to the food industry. Built upon deep industry expertise, a rich data foundation and the most extensive trading partner network, ITN’s collaborative solutions allow distributors, manufacturers, operators, retailers, suppliers and wholesalers of all sizes to reduce cost, grow revenue and strengthen trading partner relationships. ITN’s growing customer list includes over 6,200 global companies. For more information, visit: www.itradenetwork.com.
The information provided in this press release contains forward looking statements within the meaning of the federal securities laws. These forward looking statements include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth and profit expectations. Forward looking statements may be indicated by words or phrases such as “anticipate,” “estimate,” “plans,” “expects,” “projects,” “should,” “will,” “believes” or “intends” and similar words and phrases. These statements reflect management’s current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward looking statement. Such risks and uncertainties include our ability to integrate our acquisitions and realize expected synergies. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions, unfavorable changes in foreign exchange rates, difficulties associated with exports, risks associated with our international operations, difficulties in making and integrating acquisitions, risks associated with newly acquired businesses, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, environmental compliance costs and liabilities, risks and cost associated with asbestos related litigation and potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.