Roper Technologies to Sell TransCore for $2.68 Billion

SARASOTA, Fla., Oct. 03, 2021 (GLOBE NEWSWIRE) -- Roper Technologies, Inc. (NYSE: ROP), a leading diversified technology company, today announced that it has reached a definitive agreement to divest its TransCore business to Singapore Technologies Engineering Ltd (“ST Engineering”), a global technology, defense, and engineering group, for $2.68 billion in cash. TransCore is expected to generate approximately $545 million of revenue and $135 million of EBITDA in 2021. Roper will retain its DAT and Loadlink network software businesses, which it acquired together with TransCore in 2004.

“ST Engineering will be a great owner for TransCore and will support the business as it pursues the next phase of its innovative work in traffic management, tolling technology, and smart city infrastructure,” said Neil Hunn, Roper Technologies’ President and CEO. “We are grateful to Tracy Marks, TransCore’s President, and the entire TransCore team for their many contributions to Roper.”

“Over our 17-year ownership period, Roper’s governance and incentive system has enabled the TransCore leadership team to meaningfully improve project capabilities and product innovation, resulting in market share growth and sustained leadership within its niche market,” said Mr. Hunn. “Also, during this time, Roper added significant value to the DAT and Loadlink network software businesses by providing long-term investment support and an independent operating structure that enabled these businesses to substantially improve and expand their networks, resulting in attractive growth profiles that will continue to benefit Roper.”

“The divestiture of the project-oriented TransCore business will enhance our mix of predictable, high-margin, recurring revenue businesses and notably reduce our working capital requirements. Additionally, the after-tax proceeds of the transaction will accelerate and amplify our ability to deploy capital toward our robust pipeline of high-quality acquisition opportunities,” concluded Mr. Hunn.

“TransCore has established a premier business, demonstrated by its industry leading solutions and backed by a talented workforce, in which we will continue to invest. With the addition of TransCore, ST Engineering will be uniquely positioned as a sustainable Smart Mobility market leader, underpinned by our strengths in technology and innovation,” said Vincent Chong, Group President & CEO of ST Engineering.

Roper retained Evercore and BofA Securities as financial advisors in connection with this transaction. Roper expects to account for the results of TransCore as discontinued operations when it reports its third quarter 2021 financial results. The Company expects this transaction to close in the first quarter of 2022, subject to customary closing conditions, including regulatory approvals.

About Roper Technologies

Roper Technologies is a constituent of the S&P 500, Fortune 500, and the Russell 1000 indices. Roper operates businesses that design and develop software (both license and software-as-a-service) and engineered products and solutions for a variety of niche end markets. Additional information about Roper is available on the Company’s website at .

About TransCore

TransCore has been a leader in the transportation industry for more than 80 years. With a mission solely focused on transportation, the company develops and continually innovates traffic management and tolling systems across the globe. TransCore is Headquartered in Nashville, TN.

About ST Engineering

ST Engineering is a global technology, defense, and engineering group with offices across Asia, Europe, the Middle East and the U.S., serving customers in more than 100 countries. The Group uses technology and innovation to solve real-world problems and improve lives through its diverse portfolio of businesses across the aerospace, smart city, defense, and public security segments. Headquartered in Singapore, ST Engineering reported revenue of $7.2b (about US$5.4b) in FY2020 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore, iEdge SG ESG Transparency Index and iEdge SG ESG Leaders Index.

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