Leading industrial tech conglomerate Fortive has acquired acquire ServiceChannel, a global provider of software-as-a-service (SaaS)-based multi-site solutions, for $1.2 billion.

Founded in 1999, the management cloud software maker ServiceChannel serves more than 500 enterprise customers in over 70 countries across the globe, while also maintaining an integrated network of more than 70,000 facilities maintenance service providers.

US-based Fortive said that it expects ServiceChannel to generate approximately $125 million of revenue in 2021.

“the Company’s high-growth SaaS platform, leading contractor network, rich data assets, and existing global footprint will add significantly to the long-term growth and profitability of IOS,” James A Lico, President, and CEO of Fortive said in a statement on Monday.

ServiceChannel’s SaaS offering enables multi-site owners and operators to manage and automate the full lifecycle of workflows related to the maintenance and repair of their properties and related assets, including work order management, asset tracking, and service provider tracking.

The acquisition is expected to be closed in the third quarter of 2021.

“ServiceChannel has successfully established a leading position solving challenges for facilities owners and operators for more than twenty years, and has significant growth runway ahead of it,” said Tom Buiocchi, CEO of ServiceChannel.

Fortive also announced that for its second quarter of 2021, total revenue growth is estimated to be approximately 25 percent, with core revenue growth of approximately 20 percent.

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