Fortive to Acquire ServiceChannel, a Global Provider of SaaS-based Multi-Site Facilities Maintenance Service Solutions

Fortive Corporation announced that it has entered into a definitive agreement with Bayard Capital and Accel Partners to acquire ServiceChannel, a global provider of SaaS-based multi-site facilities maintenance service solutions with an integrated service-provider network. The acquisition will be subject to customary closing conditions, including regulatory approvals, and will be financed primarily with available cash. Fortive anticipates that the acquisition will close in the third quarter of 2021.

ServiceChannel was founded in 1999 and serves more than 500 enterprise customers in over 70 countries across the globe, while also maintaining an integrated network of more than 70,000 facilities maintenance service providers. ServiceChannel’s SaaS offering enables multi-site owner / operators to manage and automate the full lifecycle of workflows related to the maintenance and repair of their properties and related assets, including work order management, asset tracking, and service provider tracking. The Company’s differentiated data-driven platform, which combines software with a service-provider network, draws from millions of data points to intelligently match contractors with jobs, enhancing quality, cost transparency and efficiency.

Fortive expects ServiceChannel to generate approximately $125 million of revenue in 2021. The purchase price for the acquisition is approximately $1.2 billion and is expected to be funded primarily with available cash. Upon closing, ServiceChannel is expected to be an independent operating company within Fortive’s Intelligent Operating Solutions segment.