Thoma Bravo, MDP Complete $1.4B Sale of Syntellis to Roper Technologies

Private equity firms Madison Dearborn Partners and Thoma Bravo have completed the sale of Syntellis Performance Solutions to Roper Technologies, Inc. in an all-cash transaction valued at $1.4 billion, including a $135 million tax benefit resulting from the transaction.

Syntellis is a provider of cloud-based performance management and data services for healthcare, financial institutions, and higher education. The company will be combined with Roper’s Strata Decision Technology business, which offers healthcare financial planning, decision support and performance management services.

The combined entity will operate under the Strata brand and led by Strata CEO John Martino.

Syntellis became an independent company with the investment support of Thoma Bravo and MDP when it was separated from Kaufman Hall in August 2020. Since then, the company has made product and platform investments, including to its Axiom365 SaaS offering, and enhanced its planning and performance product offering by acquiring Stratasan, a specialist in healthcare market intelligence and data analytics.

With planned cost efficiencies, Syntellis is anticipated to generate $185 million in sales and $85 million in EBITDA in 2024.

Roper used its cash on hand and revolving credit facility to finance the acquisition, which closed earlier this week.