US industrial technology giant Fortive has entered an agreement to buy Gordian, a Warburg Pincus firm, for $775mn in an all cash deal.
Specialising in construction cost data and software, Gordian’s offerings serve the entire building lifecycle and provide workflow solutions to optimise every stage of an asset owner’s construction and maintenance needs.
It has a strong history in the sector and developed the industry’s first procurement platform.
James Lico, President and Chief Executive Officer of Fortive, commented: “Gordian’s over 70 years of proprietary construction cost data and domain expertise and a seasoned management team created the industry standard in construction task data, workflow software and service.
“We look forward to working with the Gordian team to drive continued growth, innovation and value creation for customers across the facilities management ecosystem.”
Fortive, a $6.7bn company, expects Gordian to generate $130mn in revenue this year and will absorb it into its Field Solutions platform.
Alex Berzofsky, Managing Director of Warburg Pincus, added: “Gordian has established itself as the leading provider of facility and construction cost data, software and expertise.
“We have been pleased to support the company and its talented management team as the business has grown and filled a critical need in solving the challenges of those in construction with technology and insights.”
The acquisition will be subject to customary closing conditions, including regulatory approvals, and will be financed with available cash. The deal is expected to close in the third quarter of this year.