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The No. 3 large company in the 2024 NJBIZ Best Places to Work in New Jersey program, CentralReach, is set to be acquired in a deal worth $1.65 billion.

Roper Technologies Inc. and the applied behavior analysis therapy software and service provider each announced reaching a definitive agreement to combine March 24. The $60 billion public company buyer will purchase CentralReach from global software investor Insight Partners.

Following the acquisition, CentralReach said it will continue to operate independently and maintain its existing leadership, team, products, brands and mission. The move to Roper affords the company – with offices in Florida, Virginia and at Bell Works in Holmdel, as well as in Italy and Ireland – an autonomous operating model that also benefits from the financial backing and expertise of Roper Technologies.

In a statement, CentralReach CEO Chris Sullens credited the financial and operational support it received from Insight Partners “for the significant investments we have made in product innovation and customer success.”

During its six years as part of Insight Partners’ portfolio, the company has achieved organic growth, as well as closed 14 strategic acquisitions. Since 2018, CentralReach says its user base has grown from 20,000 to 200,000 people. It’s also invested significantly in its product.

The cloud-native software facilitates the workflow and administration of ABA therapy. The SaaS provider offers a comprehensive electronic medical records platform with highlight specialized tools for client set-up, practice management, claims processing, care scheduling, clinical data collection and service delivery – inclusive of several AI-powered add-on modules.

Room to grow

“As we entered our next phase of growth, I knew it was essential to find a partner who, like Insight Partners, shares our values and vision for tech-enabled autism and IDD [Intellectual and Developmental Disabilities] care. Roper was that partner,” Sullens said. “With Roper’s long-term investment and commitment, CentralReach now has a permanent home where we can continue to scale, innovate, expand our impact, and continue to advance our mission in an even faster and more significant way than we have to date.”

According to Sarasota Fla.-based Roper Technologies, the approximate $1.65 billion net purchase price includes a $200 million tax benefit resulting from the transaction.

CentralReach is expected to contribute approximately $175 million of revenue and $75 million of EBITDA for the 12 months ending June 30, 2026. Roper said it will report the results with Application Software segment. The buyer added it expects the target to deliver sustainable +20% organic revenue and EBITDA growth.

CentralReach meets each of our long-standing acquisition criteria, while also having a structurally faster organic growth profile and the ability to expand margins under Roper’s long-term ownership.
– Neil Hunn, Roper Technologies president and CEO

“CentralReach is a fantastic business with clear niche market leadership, mission critical and high ROI solutions, a high recurring revenue mix, and outstanding customer retention, which leads to strong organic revenue growth and excellent cash conversion,” said Roper President and CEO Neil Hunn. “This acquisition is another example of Roper identifying a business that provides greater value creation for our shareholders.

“CentralReach meets each of our long-standing acquisition criteria, while also having a structurally faster organic growth profile and the ability to expand margins under Roper’s long-term ownership,” Hunn continued.

‘Immense’ potential

Insight Partners also celebrated CentralReach’s success.

Calling the company a “driving force” in tech-enabled care for autism and IDD, Managing Director Richard Wells said, “Since our investment in 2018, we recognized the company’s immense potential – not only to become a market leader but also to empower providers and educators in unlocking potential for millions of individuals on the spectrum. Under Chris Sullens’ leadership, CentralReach has delivered on that vision.”

Roper said it expects the deal to close in April or May of 2025, subject to regulatory approval and customary closing conditions. It said it will fund the acquisition using its revolving credit facility.

For global venture capital and private equity firm Insight Partners, The CentralReach deal is just the latest, recent win. With its initial investment dating to December 2020, Insight also lists Wiz in its current portfolio. Last week, Google agreed to buy the company for $32 billion in cash – marking Alphabet Inc.’s largest acquisition to date.