- Roper Technologies (ROP, Financial) to acquire Subsplash, an AI-driven platform for faith-based organizations.
- Subsplash's annual recurring revenue surged 7x since K1's investment in 2019.
- K1 marks its fifth exit to a strategic buyer and third to a public company this year.
Roper Technologies, Inc. (ROP), a renowned player in industrial and application software, has announced a definitive agreement to acquire Subsplash, a leading AI engagement platform serving over 20,000 faith-based organizations globally. Subsplash provides integrated solutions for mobile apps, media delivery, digital giving, and church management tools.
This acquisition underscores Roper's strategic initiative to expand its software portfolio and strengthen its position in the religious technology sector. Subsplash has demonstrated impressive financial performance, with its annual recurring revenue (ARR) multiplying approximately sevenfold since K1 Investment Management's initial investment in 2019.
The deal marks a significant milestone for K1 Investment Management, marking its fifth exit to a strategic buyer and the third to a publicly traded company in the past year. Notably, K1 has continued to pursue strategic exits despite challenging market conditions, showcasing its expertise in scaling category-leading enterprise software businesses.
The acquisition aligns with Roper's focus on acquiring asset-light, high-margin software businesses with recurring revenue models. This strategic move is expected to deliver long-term value for Roper shareholders by diversifying the company's revenue streams and entering a specialized market with limited competition.
As of the announcement, financial terms of the deal have not been disclosed, but the transaction is expected to close in the near future.
