...August 8, 2019 NEW YORK (S&P Global Ratings) Aug. 8, 2019--S&P Global Ratings today said that its ratings on Roper Technologies Inc. (###+/Stable/--) are not affected by the company's announced acquisition of software provider iPipeline. iPipeline is a software-as-a-service (SaaS) company that sells cloud-based software for the life insurance and annuity industries. Roper is acquiring the Exton, Pa.-based company for approximately $1.625 billion, which it will finance with a mix of revolver borrowings and cash on hand. Because of its good organic growth prospects, high margins, and attractive working-capital characteristics, we see the transaction as supportive of Roper's already strong operations. The company expects iPipeline to contribute roughly $200 million of sales and $70 million of after-tax free cash flow in 2020 (excluding one-time fair value accounting-related adjustments). We expect Roper's credit measures to weaken in the near-term, though they may recover somewhat in the second...
