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Business Observer Tuesday, Nov. 9, 2021 2 months ago

Tech company reports 12% organic revenue growth in third quarter

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The announcement comes on the heels of Roper Technologies signing definitive agreements to divest three of its businesses.
by: Amanda Postma Sarasota-Manatee Editor

LAKEWOOD RANCH — Diversified technology firm Roper Technologies grew organic revenue 12% and overall revenue 22% in the third quarter, with the latter hitting $146 billion. 

“Operationally, Roper delivered another excellent quarter of performance,” says Neil Hunn, Roper Technologies’ president and CEO, in a release. “Organic revenue growth was 12% and was underpinned by continued solid increases in software recurring revenue. In addition, demand was strong across our portfolio and our product businesses executed well through the global supply chain challenges.”

The quarter, which ended September 30, 2021, was a busy one for Roper. The company signed three definitive agreements to divest its TransCore, Zetec and CIVCO Radiotherapy businesses. The release notes that the financial results for those businesses are reported as discontinued operations. 

“Over the past several months, we announced three strategic divestitures that will accelerate the transformation of our portfolio,” says Hunn. “We anticipate redeploying the net proceeds from these transactions toward our robust pipeline of high-quality acquisition opportunities, enabling us to further enhance the quality of the enterprise.”

The company reported its third quarter earnings before interest, taxes, depreciation and amortization (EBITDA) was $602 million and operating cash flow was $447 million. Both of those metrics included discontinued operations. EBITDA from continuing operations increased 21% to $558 million.

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