IT services provider Roper Technologies Inc said it would buy business software company Deltek from private equity firm Thoma Bravo in a cash deal valued at $2.8 billion.
Roper said it expected Deltek to generate $535 million in revenue and add $80 million to its cash flow in 2017. The deal would be funded by cash on hand, borrowings under existing credit facility and new debt, Roper said on Tuesday, reports Reuters.
Reuters had reported in July that Thoma Bravo was exploring a sale of Deltek. Thoma Bravo took Deltek private in an all-cash deal valued at $1.1 billion in 2012.
Herndon, Virginia-based Deltek provides enterprise software to the majority of the top 100 U.S. federal contractors, as well as some of the world’s largest engineering, architectural, accounting and consulting firms.