Industrial technology conglomerate Fortive has finalized its acquisition of Minneapolis-based Provation Software, a leading provider of clinical workflow software solutions used in clinics and Ambulatory Surgery Centers. Fortive paid $1.425 billion in cash to bring in Provation, hoping it will shore up its software development capabilities as well as give a boost to its Advanced Healthcare Solutions segment. Provation has developed advanced solutions to improve care coordination, reporting and billing accuracy, and clinical productivity. Provation also brings to its buyer a customer base of more than 5,000 and projected revenues of around $110 million for this year.
James A. Lico, President and CEO of Fortive, said, "The acquisition of Provation represents an important step in accelerating our strategy to provide hospitals, ambulatory surgery centers, and clinicians a powerful set of workflow solutions that address their most critical needs. We expect Provation's best-in-breed clinical software solution, broad customer coverage, and talented team, combined with our intimate knowledge of clinical workflows at ASP and Censis, to solve real challenges delivering safe and efficient healthcare."
Fortive is now in position to take full advantage of its newfound strength in the booming clinical workflow solutions market. The surge of businesses incorporating solutions based on healthcare IT and EHR has driven that market to its current zenith.