(Bloomberg) -- Fortive Corp. is nearing a deal to acquire health-care software maker Provation Medical for around $1.4 billion from its private equity owner Clearlake Capital Group LP, according to people with knowledge of the matter.
Everett, Washington-based Fortive beat out rival bidders for Provation and a transaction could be announced within days, one of the people said. The deal isn't finalized and talks could still fall apart at the last minute.
A Clearlake Capital spokeswoman declined to comment. Representatives for Fortive and Minneapolis, Minnesota-based Provation didn't immediately respond to requests for comment.
Provation's software is used to track medical procedures as well as recovery, and facilitates physician, nursing and anesthesia documentation, its website shows. The company, founded in 1994, was acquired by Clearlake in 2018 from information services company Wolters Kluwer NV for $180 million, the companies said at the time.
Serial Dealmaker
Fortive, led by chief executive officer Jim Lico, is a serial dealmaker with a market value of about $26.6 billion. The industrial company spun off from Danaher Corp. in 2016 and then proceeded to carve out its mobility operations into a public company called Vontier Corp. last year.
Under Lico, the company has made acquisitions in software and health care to broaden focus beyond its historical expertise in industrial testing and measurement.
In September, Fortive completed an acquisition worth about $1.2 billion of ServiceChannel Holdings Inc., which makes software for operators of maintenance facilities.
Provation has also done tuck-in deals including buying endoPRO endoscopy informatics and software portfolio from Pentax Medical and iProcedures, a provider of anesthesia documentation and perioperative data management software this year.
“Growth through acquisition is essential to Provation's success in developing a comprehensive portfolio of leading clinical productivity solutions,” Provation CEO Daniel Hamburger said in a September statement announcing the endoPRO deal.
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