Transact Campus Inc., an award-winning leader in innovative campus technology and payment solutions, today announced its majority owner Reverence Capital Partners has signed a definitive agreement to sell Transact to Roper Technologies, Inc. (NASDAQ: ROP) for $1.6 billion. The transaction is expected to close in this quarter.
Transact will be combined with Roper's CBORD business, a provider of access & security and campus commerce solutions for acute healthcare and senior living facilities, higher education institutions, and K-12 school districts. Transact CEO Nancy Langer will lead the combined business, while Transact customers will continue to utilize their existing Transact products and services.
As a part of the transaction, Reverence Capital Partners, which acquired Transact from Blackboard Inc. in 2019 and has since held a majority stake, will sell its stake to Roper.
"We are extremely excited for this next stage of our journey and look forward to continuing to provide best-in-class experience to our customer base, while also bringing to them the benefits of a more scaled platform," said Nancy Langer, CEO of Transact. "I also wanted to thank Reverence for their invaluable partnership over the past five years. Between standing up the business, building out the management team, and driving product investment that's led us to becoming a best-in-class institution, Reverence has been integral in getting us to where we are today."
ROP shares popped $13.16, or 2.5%, to $541.10
