Roper Industries to Acquire iTradeNetwork, Inc.
SARASOTA, Fla. – 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.” 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