Foundry’s name and brands to remain unchanged under the continued leadership of CEO Craig Rodgerson in all-cash deal expected to close in April 2019.
SARASOTA, FL -- Diversified technology company Roper Technologies has reached a definitive agreement to acquire CG content creation software developer Foundry in an all-cash transaction valued at roughly US$544 million (£410 million GBP).
Foundry is a leading provider of software technologies used to deliver award-winning visual effects and 3D content for the digital design, visualization, and entertainment industries. Foundry’s software, led by the company’s industry-standard compositing solution Nuke, is deeply embedded across the creative pipeline and is supported by a large ecosystem of users, trainers, and evangelists across the globe.
“Foundry has become the industry standard in an attractive niche market by maintaining a commitment to serve the complex needs of its customers,” said Neil Hunn, Roper’s President and CEO. “Combined with an impressive management team and attractive financial profile, these characteristics make Foundry a great fit for Roper. We look forward to supporting Foundry’s long-term growth as the team continues to develop differentiated, superior solutions for its current and future customers.”
The management team, led by CEO Craig Rodgerson, will continue to lead the business from its London headquarters. Foundry’s name and brands are not expected to change as a result of the transaction.
Roper anticipates funding the transaction using its revolving credit facility and cash on hand. During the first 12 months of ownership, Roper expects Foundry to deliver approximately US$75 million of revenue. Roper expects the acquisition to be immediately cash accretive. Foundry has a strong history of growth in revenue, EBITDA, and cash flow, which Roper expects to continue.
The transaction is expected to close in April 2019, subject to regulatory approval and customary closing conditions.
Source: Roper Technologies