SAN DIEGO, Oct. 2, 2018 /PRNewswire-PRWeb/ -- HCAP Partners, a California-based mezzanine debt and private equity firm, announced today that Fortive Corporation FTV has acquired Accruent, Inc., a leading provider of physical resource management software, for approximately $2.0 billion in cash. Terms of the transaction were not disclosed. Tim Bubnack, Managing Partner, and Nicolas Lopez, Principal, managed HCAP Partners' investment with Accruent.

Accruent is a recognized leader in the physical resource management industry, combining deep domain and industry capabilities with an integrated, cloud-based framework that provides insights spanning the full lifecycle of real estate, facilities and asset management. HCAP Partners initially invested into Lucernex, Inc., a global provider of cloud-based Integrated Workplace Management Systems (IWMS), in July 2016. Subsequently, in August 2017, Lucernex was acquired by Accruent, and as part of this transaction, HCAP Partners elected to roll some equity into Accruent.

"Over the past year, Accruent did a fantastic job with the integration of the Lucernex solutions into their software portfolio," commented Tim Bubnack, Managing Partner. "The company also completed several other recent acquisitions while continuing to exceed their financial and operating objectives. We have been very pleased to work with the Accruent team and look forward to their continued success with Fortive."

Accruent will become part of Fortive's Field Solutions platform, which comprises Fluke, Qualitrol, Industrial Scientific, and Gordian, within the company's professional instrumentation segment. Fortive expects Accruent to generate approximately $270 million of revenue in 2018.

About Accruent, LLC

Accruent provides software and services that enable organizations to shape, drive, manage and control their physical assets. Accruent's solutions are at work in more than 5,800 leading organizations worldwide, including 40 of the top 100 retailers, 25 percent of the Fortune 500, 40 percent of leading universities, all 4 of the top U.S. wireless carriers, 55 percent of U.S. hospitals as well as leading service providers managing more than 15 billion square feet of property. Founded in 1995, Accruent is headquartered in Austin, Texas, with locations across the U.S. and in Canada, China, India, Israel, Germany and the United Kingdom. For more information, visit http://www.accruent.com.

About Fortive

Fortive is a diversified industrial growth company comprised of Professional Instrumentation and Industrial Technologies businesses that are recognized leaders in attractive markets. With 2017 revenues of $6.7 billion, Fortive's well-known brands hold leading positions in field instrumentation, transportation, sensing, product realization, automation and specialty, and franchise distribution. Fortive is headquartered in Everett, Washington and employs a team of more than 26,000 research and development, manufacturing, sales, distribution, service and administrative employees in more than 50 countries around the world. With a culture rooted in continuous improvement, the core of our company's operating model is the Fortive Business System. For more information please visit: http://www.fortive.com.

About HCAP Partners

HCAP Partners was founded in 2000 and is a provider of mezzanine debt and private equity for underserved, lower-middle market companies throughout California and the Western United States. The firm seeks to invest $2 million to $9 million in established businesses generating between $10 million and $75 million in revenues in the healthcare, software, services, and manufacturing industries. HCAP Partners has invested in over 60 companies since it was founded and through ongoing, active engagement with portfolio companies the team at HCAP Partners provides value-added resources to help optimize performance and increase enterprise value. The firm has been recognized as an ImpactAssets 50 fund five years running and, through its Gainful Jobs Approach, works to facilitate a positive impact on underserved businesses, their employees, and their communities through active portfolio engagement. Partners Tim Bubnack, Frank Mora, and Principals Nicolas Lopez and Hope Mago lead HCAP Partners' investment team. For more information, please visit http://www.hcapllc.com.

SOURCE HCAP LLC