Leading position in profitable niche segments Good customer, geographic, and product diversity Revenue growth, above-average profitability, and strong cash flow generation Integration risks of the TransCore Holdings Inc. (TransCore) acquisition Cyclical, fragmented end markets The ratings on Duluth, Ga.-based Roper Industries Inc. reflect its leading position in profitable niche markets and its broad product, end-market, and geographic diversity, which help stabilize cash flow generation. These factors are partly offset by Roper's aggressive acquisition policy, although this may now moderate somewhat following the acquisitions of TransCore and Neptune Technology Group Holdings Inc. in 2003. Roper is a diversified industrial company providing engineered products and solutions for global niche markets, with pro forma sales of about $1.3 billion. It benefits from technological
