Industrial technology conglomerate Fortive has signed a definitive agreement to acquire clinical workflow solutions provider Provation Software from Clearlake Capital Group, for $1.4bn.

The acquisition will expedite the Advanced Healthcare Solutions (AHS) segment strategy of Fortive, building on established position in critical workflow solutions for hospitals as well as Ambulatory Surgical Centers (ASCs).

Additionally, it will provide broad and diverse healthcare customer base to Fortive.

Provation CEO Daniel Hamburger said: “For more than 25 years, Provation has been a market leader in procedure documentation software, ensuring enhanced patient outcomes during their most critical moments.

“Joining Fortive will help us accelerate our expansion into new acute care specialties, while allowing us to harness the power of the Fortive Business System to better serve our healthcare customers with innovative digital offerings and industry-leading productivity solutions that clinicians can trust.”

Fortive intends to finance the deal using available cash and short-term debt.

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Subject to customary closing conditions and regulatory approvals, the deal is expected to conclude by the end of this year.

Fortive president and CEO James Lico said: “Provation is a best-in-class healthcare software provider, delivering safe, efficient and scalable procedure documentation and clinical decision support solutions to thousands of health systems, hospitals and ASCs.

“This acquisition will bring extensive software development expertise and innovation capabilities to the AHS segment, significantly accelerating our segment strategy to provide critical workflow solutions for hospitals and ASCs.”

Established in 1994, Provation provides software solutions to enhance care coordination, clinical productivity, reporting and billing for delivering quality patient care.

Currently, the company serves more than 5,000 customers and its solutions are used by gastroenterology as well as other clinical specialties.