Genstar Capital has closed its previously announced sale of Accruent, a provider of physical resource management solutions, to Fortive Corporation. The price of the acquisition was $2 billion. UPDATE: Accruent was a portfolio company of HCAP Partners, which has exited its stake in Accruent as a result of the transaction.
SAN FRANCISCO, September 11, 2018 – Genstar Capital, a leading private equity firm focused on investments in targeted segments of the software, industrial technology, healthcare, and financial services industries, today announced that it has completed the previously announced sale of Accruent, the world’s leading provider of physical resource management solutions, to Fortive Corporation (“Fortive”) (NYSE: FTV) for $2.0 billion.
Under Genstar’s two-year ownership, the company doubled revenue, successfully completed nine acquisitions, and rapidly expanded international growth.
Founded in 1995, Accruent is a global software company that helps organizations achieve superior performance by transforming how they manage their physical resources. Accruent employs over 1,100 employees and its solutions are used by more than 10,000 global customers across a wide range of industries. It has experienced strong international revenue growth with 20 percent of Accruent’s revenue coming from global markets, fueled by a strong business partner network spanning more than 150 countries.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $10 billion of assets under management and targets investments focused on targeted segments of the software, industrial technology, healthcare, and financial services industries.