This report does not constitute a rating action. Overview Key strengths Key risks Leading positions in niche markets with a strong brand name. Inorganic growth strategy focused on debt-funded acquisitions in technology that may face competition from private-equity buyers, leading to high purchase multiples. Good portfolio management and an affinity for investing in asset-light, cash-generative businesses. Technology disruptions could render its portfolio of software obsolete. High proportion of recurring revenue and aftermarket sales in its software-as-a-service (SaaS) and network business lines. Potential for high leverage to support larger debt-funded acquisitions. Over the past three years, Roper has spent an average of $3.3 billion on acquisitions annually. Most recently, Roper closed on the acquisition of CentralReach, a health care technology company,
