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Fortive Acquires Accruent To Create 'Industry-Leading IoT Portfolio' For $2 Billion

Fortive CEO James Lico says the $2 billion acquisition of Accruent, which manages over 7.3 billion assets through its 10,000 customers, will create a global Internet of Things leader.

Fortive, a $6.7 billion industrial products maker, has agreed to acquire software specialist Accruent for $2 billion to create a global Internet of Things powerhouse.

James A. Lico, president and CEO of Fortive, said Accruent's software assets have strong upsell and cross-sell capabilities across the IoT resource management market. "The complementary strengths of Accruent, Gordian and Fluke Digital Systems will create an industry-leading IoT portfolio consisting of connected devices, software-enabled workflows, and data analytics," said Lico in a statement.

Austin, Texas-based Accruent has more than 10,000 global customers and manages more than 7.3 billion assets that leverage the company's software to improve the performance and management of physical resources, while also extending the life cycle of those assets.

[Related: 5 Things To Know About Broadcom's 'Hail Mary' CA Acquisition]

Fortive's portfolio of IoT technologies already include a variety of sensors, automation and field solutions.

Everett, Wash.-based Fortive also completed on Tuesday the acquisition of construction software vendor Gordian for $775 million. Fortive expects Accruent to generate approximately $270 million in revenue this year, while projecting that Gordian will generate $130 million in sales in 2018.

Privately held Accruent combines deep domain and industry capabilities with an integrated, cloud-based framework that provides insight spanning the full life cycle of asset management and facilities.

Accruent's team and technology will become partner of Fortive's Field Solutions platform within the company's Professional Instrumentation business segment.

The deal to buy Accruent from private equity firm Genstar Capital is expected to close in the third quarter of 2018. Fortive is a spinoff of Danaher Corp. and has more than 26,000 employees worldwide.

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