Roper Technologies just announced their acquisition of Aderant from private equity firm Madison Dearborn Partners. The acquisition is expected to close within 30 days. Roper Technologies is a constituent of the S&P 500 with a current market capitalization of approximately $17 billion. Aderant will continue to operate unchanged in company name, brand, office locations and most importantly staff. All Aderant employees and executives remain with the company. Industry comment puts the acquisition price at $675 million.
Chris Giglio, Aderant CEO, commented, “I am so pleased that Aderant will operate from a permanent home within Roper Technologies. A permanent home enables Aderant to undertake larger strategic initiatives and even more visionary product development. I am proud of the products and services Aderant delivers today, and I am excited about what Roper will enable us to deliver tomorrow.”
Roper Technologies CEO, Brian Jellison added, “While our businesses serve a diverse set of niche markets, a common focus on customer intimacy has been a key success factor over our 23-year history. Aderant has a strong history of delivering value and a high customer satisfaction to the legal technology market. Now, as part of the Roper family, Aderant will be even better positioned to grow.”
Mike Barry, Aderant’s EVP Product & Strategy commented on Aderant’s future: “Today I am more excited than ever for Aderant’s next chapter. Roper Technologies provides us a unique environment to plan and execute on a truly visionary approach to legal technology. No other vendor in our industry enjoys this same luxury.”
COMMENT: The key element here is that Roper are another tech company, effectively buying Aderant as a subsidiary with a view to a long term commitment – as distinct from venture capitalists or private equity groups buying the company as a short-term investment to turn around and sell on in three or five years time. Yes, it is another change of ownership for Aderant but one that takes it off the VC/PE roundabout. We’ve also a video of the announcement…