According to Fortive, the 1999 founded company, ServiceChannel is expected to expand its leading offering of Facility and Asset Lifecycle workflow solutions, alongside its Accruent and Gordian. In addition, with a purchase price of about $1.2 billion – which is to be funded primarily with their available cash, Fortive expects ServiceChannel to generate approximately $125 million of revenue in 2021.
“We are very excited to announce the pending acquisition of ServiceChannel. This transaction is another great example of how we continue to use disciplined capital deployment to accelerate our long-term strategy across our segments,” said James A. Lico, President and Chief Executive Officer of Fortive.
“ServiceChannel fits extremely well alongside Accruent and Gordian, broadening our offering of software-enabled solutions for the Facility and Asset Lifecycle workflow. The Company’s high-growth SaaS platform, leading contractor network, rich data assets, and existing global footprint will add significantly to the long-term growth and profitability of IOS.”
As announced, ServiceChannel with more than 500 enterprise customers in over 70 countries across the globe, also maintaining an integrated network of more than 70,000 facilities maintenance service providers – has a differentiated data-driven platform, which combines software with a service-provider network, that matches contractors with jobs, enhancing quality, cost transparency and efficiency.
“ServiceChannel has successfully established a leading position solving challenges for facilities owners and operators for more than twenty years, and has significant growth runway ahead of it. With a range of highly complementary assets, and significant resources to support future organic and inorganic growth opportunities, Fortive is the perfect partner to support ServiceChannel in the next leg of our journey,” said Tom Buiocchi, CEO of ServiceChannel
Fortive expects that the acquisition will close in the third quarter of 2021, however, it will be subject to customary closing conditions, including regulatory approvals. Furthermore, upon closing, ServiceChannel is expected to be an independent operating company within Fortive’s Intelligent Operating Solutions segment.