Roper Technologies (ROP)
Operator and acquirer of vertical software, network platforms, and technology-enabled products.
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Roper buys software companies that each run one narrow trade — the books of government contractors, the paperwork of insurance agencies, the board where truckers find their next load — and keeps them, letting each run itself. The cash they throw off buys the next one. No single business it owns is big enough to carry the company alone, which makes the buying itself the main event.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 17 more below
Illumia
Campus IDs, dining and door access, plus tuition payments, for American colleges — the old CBORD and Transact Campus under a single name since 2026. Roper paid $1.5B for Transact alone, guiding it to about $325M of revenue.
Competes with TouchNet campus payments (Global Payments) · Nelnet Campus Commerce (Nelnet)
In plain English
Picture the card in a student's pocket: it opens doors on campus and pays for lunch in the dining hall. The software behind that card — who it belongs to, what it may unlock, what it just bought — is Illumia's.
Colleges pay to run those systems, and when a family pays tuition through the same setup, Illumia handles the payment and keeps a small slice of it. Roper bought Transact Campus in 2024, merged it with CBORD, a campus dining and access business it already owned, and renamed the pair Illumia. Roper expects the pair to grow at a high-single-digit pace over time, and the heaviest quarter is the one the school year starts in.
CentralReach
Software for the therapists who work with autistic children — scheduling, session notes, billing the insurer. Roper paid $1.65B in 2025 for a business guided to about $175M of revenue, expecting 20%-plus yearly growth, the fastest rate it has attached to a deal.
Competes with Motivity ABA platform (Motivity) · Theralytics (Theralytics) · SPRY therapy software (SPRY)
In plain English
Applied behaviour analysis is hands-on therapy for autistic children: a therapist sits with a child, runs exercises, and records what happened as it happens. Insurers pay only when those records hold up to an audit.
CentralReach catches all of it — the schedule, the data tapped in during the session, the claim that goes to the payer afterwards. Practices pay by the month for each person who logs in, so the bill grows as a clinic hires. Of the growth Roper's recent purchases added to its software sales last quarter, this was the biggest single piece — though it is still a small slice of a much larger company.
Deltek
Roper's largest single business: the accounting and compliance system government contractors run to bill the federal government correctly. Growth slipped to the low end of mid-single digits in 2025, when a shutdown cut enterprise activity, and this year's guidance assumes no recovery.
Competes with Unanet ERP GovCon (Unanet) · JAMIS Prime (JAMIS) · Acumatica ERP (Acumatica)
In plain English
Sell anything to the federal government and you inherit its rulebook: every hour and every dollar has to be tracked the way the auditors want it, or the invoice does not get paid. Deltek is the system contractors run to stay on the right side of that, and architecture, engineering and consulting firms buy it for the same reason — the project is the unit of money, and someone has to count it.
Customers pay a licence plus an annual support fee, and increasingly a subscription instead. Deltek is midway through moving everyone onto software it hosts, which holds reported sales down while it happens. It carries the largest support base Roper owns.
Vertafore
The filing cabinet of the American independent insurance agency: client files, renewals, quotes and the wiring back to insurers. Roper's biggest purchase ever at $5.35B, and the business management calls its largest opportunity for software that does the busywork itself.
Competes with Applied Epic (Applied Systems) · EZLynx agency management (EZLynx) · HawkSoft agency management (HawkSoft)
In plain English
The insurance you buy through a local agent is handled by a small office of people who spend the day retyping the same details into forms — customer, vehicle, policy, renewal date. Vertafore is the desk those people work at: one place that holds the client file and plugs straight into the insurance companies behind it. That connection is the hard part to copy.
Agencies pay a monthly fee per person using it, so the bill tracks how many staff the agency keeps. Which is exactly the opening for Velocity, Vertafore's six new AI tools for servicing customers, sending business to insurers and keeping the books — aimed at the far bigger pile of money agencies spend on wages.
Neptune
Water meters for North American towns, plus the software that turns a reading into a bill. A copper tariff from August 2025 forced surcharges and shuffled order timing; Roper's own guidance assumes Neptune shrinks modestly this year.
Competes with Sensus water meters (Xylem) · BEACON metering (Badger Meter) · Aclara water AMI (Hubbell)
In plain English
Somewhere near the street outside a building sits a box with a meter in it, counting the water going in. Neptune makes those meters — the old mechanical kind and newer ultrasonic ones — along with the radio endpoints that let a utility read them without sending anyone out to look.
A town buys meters in batches, when it replaces a neighbourhood's worth at a time, which makes sales lumpy; then it keeps paying for the software that turns readings into bills and notices. The meters are bronze, so when copper prices jump Neptune's costs jump too, and the surcharge it adds takes customers a while to swallow.
Verathon
Cameras on a stick for hospitals: video laryngoscopes for getting a breathing tube in, and scopes thrown away after one patient. The move from selling machines to selling disposables makes the money steadier and the margin thinner.
Competes with aScope single-use endoscopes (Ambu) · single-use bronchoscopes (Boston Scientific) · reusable bronchoscopes (Olympus)
In plain English
Getting a breathing tube into an unconscious patient used to be a matter of feel. Verathon's GlideScope puts a small camera at the tip of the blade so the doctor watches the tube go in on a screen instead.
It also makes flexible scopes for looking into lungs and bladders that are used once and binned, which sidesteps the scrubbing and sterilising a reusable one needs. That is the shift in the business: the hospital used to buy a machine every few years, and now it buys a carton of single-use scopes every month. More reliable revenue, less profit on each sale — part of why the products segment's margin fell this year.
DAT Freight & Analytics
The noticeboard where American freight brokers post loads and truckers claim them — more than a million loads posted a day. Freight has been in a long slump; spot prices finally topped contracted ones in July 2026, then gave some back in August.
Competes with Truckstop load board (Truckstop.com) · carrier vetting (Highway) · Uber Freight (Uber)
In plain English
A truck driving empty earns nothing, and a broker holding freight with no truck has a problem. DAT is where the two find each other: brokers post the loads, carriers hunt through them, and both sides pay a subscription to be in the room.
It sells the price history too — what that route paid last week — which is what a broker argues with. Roper has been bolting on the pieces around the match: checks on whether a carrier is who it says it is, faster payment, and Convoy, an automated matching service it picked up that does not make money yet and drags the segment's margin down.
IllumiaCampus IDs, dining and door access, plus tuition payments, for American colleges — the old CBORD and Transact Campus under a single name since 2026. Roper paid $1.5B for Transact alone, guiding it to about $325M of revenue.Campus IDs, dining and door access, plus tuition payments, for American colleges — the old CBORD and Transact Campus under a single name since 2026. Roper paid $1.5B for Transact alone, guiding it to about $325M of revenue.
In plain English
Picture the card in a student's pocket: it opens doors on campus and pays for lunch in the dining hall. The software behind that card — who it belongs to, what it may unlock, what it just bought — is Illumia's.
Colleges pay to run those systems, and when a family pays tuition through the same setup, Illumia handles the payment and keeps a small slice of it. Roper bought Transact Campus in 2024, merged it with CBORD, a campus dining and access business it already owned, and renamed the pair Illumia. Roper expects the pair to grow at a high-single-digit pace over time, and the heaviest quarter is the one the school year starts in.
Competes with TouchNet campus payments (Global Payments) · Nelnet Campus Commerce (Nelnet)
CentralReachSoftware for the therapists who work with autistic children — scheduling, session notes, billing the insurer. Roper paid $1.65B in 2025 for a business guided to about $175M of revenue, expecting 20%-plus yearly growth, the fastest rate it has attached to a deal.Software for the therapists who work with autistic children — scheduling, session notes, billing the insurer. Roper paid $1.65B in 2025 for a business guided to about $175M of revenue, expecting 20%-plus yearly growth, the fastest rate it has attached to a deal.
In plain English
Applied behaviour analysis is hands-on therapy for autistic children: a therapist sits with a child, runs exercises, and records what happened as it happens. Insurers pay only when those records hold up to an audit.
CentralReach catches all of it — the schedule, the data tapped in during the session, the claim that goes to the payer afterwards. Practices pay by the month for each person who logs in, so the bill grows as a clinic hires. Of the growth Roper's recent purchases added to its software sales last quarter, this was the biggest single piece — though it is still a small slice of a much larger company.
Competes with Motivity ABA platform (Motivity) · Theralytics (Theralytics) · SPRY therapy software (SPRY)
DeltekRoper's largest single business: the accounting and compliance system government contractors run to bill the federal government correctly. Growth slipped to the low end of mid-single digits in 2025, when a shutdown cut enterprise activity, and this year's guidance assumes no recovery.Roper's largest single business: the accounting and compliance system government contractors run to bill the federal government correctly. Growth slipped to the low end of mid-single digits in 2025, when a shutdown cut enterprise activity, and this year's guidance assumes no recovery.
In plain English
Sell anything to the federal government and you inherit its rulebook: every hour and every dollar has to be tracked the way the auditors want it, or the invoice does not get paid. Deltek is the system contractors run to stay on the right side of that, and architecture, engineering and consulting firms buy it for the same reason — the project is the unit of money, and someone has to count it.
Customers pay a licence plus an annual support fee, and increasingly a subscription instead. Deltek is midway through moving everyone onto software it hosts, which holds reported sales down while it happens. It carries the largest support base Roper owns.
Competes with Unanet ERP GovCon (Unanet) · JAMIS Prime (JAMIS) · Acumatica ERP (Acumatica)
VertaforeThe filing cabinet of the American independent insurance agency: client files, renewals, quotes and the wiring back to insurers. Roper's biggest purchase ever at $5.35B, and the business management calls its largest opportunity for software that does the busywork itself.The filing cabinet of the American independent insurance agency: client files, renewals, quotes and the wiring back to insurers. Roper's biggest purchase ever at $5.35B, and the business management calls its largest opportunity for software that does the busywork itself.
In plain English
The insurance you buy through a local agent is handled by a small office of people who spend the day retyping the same details into forms — customer, vehicle, policy, renewal date. Vertafore is the desk those people work at: one place that holds the client file and plugs straight into the insurance companies behind it. That connection is the hard part to copy.
Agencies pay a monthly fee per person using it, so the bill tracks how many staff the agency keeps. Which is exactly the opening for Velocity, Vertafore's six new AI tools for servicing customers, sending business to insurers and keeping the books — aimed at the far bigger pile of money agencies spend on wages.
Competes with Applied Epic (Applied Systems) · EZLynx agency management (EZLynx) · HawkSoft agency management (HawkSoft)
NeptuneWater meters for North American towns, plus the software that turns a reading into a bill. A copper tariff from August 2025 forced surcharges and shuffled order timing; Roper's own guidance assumes Neptune shrinks modestly this year.Water meters for North American towns, plus the software that turns a reading into a bill. A copper tariff from August 2025 forced surcharges and shuffled order timing; Roper's own guidance assumes Neptune shrinks modestly this year.
In plain English
Somewhere near the street outside a building sits a box with a meter in it, counting the water going in. Neptune makes those meters — the old mechanical kind and newer ultrasonic ones — along with the radio endpoints that let a utility read them without sending anyone out to look.
A town buys meters in batches, when it replaces a neighbourhood's worth at a time, which makes sales lumpy; then it keeps paying for the software that turns readings into bills and notices. The meters are bronze, so when copper prices jump Neptune's costs jump too, and the surcharge it adds takes customers a while to swallow.
Competes with Sensus water meters (Xylem) · BEACON metering (Badger Meter) · Aclara water AMI (Hubbell)
VerathonCameras on a stick for hospitals: video laryngoscopes for getting a breathing tube in, and scopes thrown away after one patient. The move from selling machines to selling disposables makes the money steadier and the margin thinner.Cameras on a stick for hospitals: video laryngoscopes for getting a breathing tube in, and scopes thrown away after one patient. The move from selling machines to selling disposables makes the money steadier and the margin thinner.
In plain English
Getting a breathing tube into an unconscious patient used to be a matter of feel. Verathon's GlideScope puts a small camera at the tip of the blade so the doctor watches the tube go in on a screen instead.
It also makes flexible scopes for looking into lungs and bladders that are used once and binned, which sidesteps the scrubbing and sterilising a reusable one needs. That is the shift in the business: the hospital used to buy a machine every few years, and now it buys a carton of single-use scopes every month. More reliable revenue, less profit on each sale — part of why the products segment's margin fell this year.
Competes with aScope single-use endoscopes (Ambu) · single-use bronchoscopes (Boston Scientific) · reusable bronchoscopes (Olympus)
DAT Freight & AnalyticsThe noticeboard where American freight brokers post loads and truckers claim them — more than a million loads posted a day. Freight has been in a long slump; spot prices finally topped contracted ones in July 2026, then gave some back in August.The noticeboard where American freight brokers post loads and truckers claim them — more than a million loads posted a day. Freight has been in a long slump; spot prices finally topped contracted ones in July 2026, then gave some back in August.
In plain English
A truck driving empty earns nothing, and a broker holding freight with no truck has a problem. DAT is where the two find each other: brokers post the loads, carriers hunt through them, and both sides pay a subscription to be in the room.
It sells the price history too — what that route paid last week — which is what a broker argues with. Roper has been bolting on the pieces around the match: checks on whether a carrier is who it says it is, faster payment, and Convoy, an automated matching service it picked up that does not make money yet and drags the segment's margin down.
Competes with Truckstop load board (Truckstop.com) · carrier vetting (Highway) · Uber Freight (Uber)
Named in filings, launches and programs
- AderantPlatformPractice and billing software for large law firms; grew mid-teens in 2025, quickest of Roper's big software names, and furthest along onto the cloud.
- PowerPlanPlatformTracks the cost and tax treatment of everything a utility builds; a September 2026 AI tool aims at the $180B-plus pile of that work utilities have yet to get through.
- Procare SolutionsPlatformScheduling, attendance and parent payments for more than 40,000 child-care centres; bought Playground, a smaller child-care software maker, in September 2026.
- SubsplashPlatform · RampingApp, giving and payments for churches; $800M for about $115M of revenue, growing high-teens in a market Roper reckons is half untouched.
- Frontline EducationPlatformCloud software for the office side of K-12 schools: hiring and payroll, business operations, student records.
- ClinisysPlatformRuns the record-keeping inside clinical and public-health laboratories — which sample, which test, which result.
- Data InnovationsPlatformThe plumbing between lab machines and the lab's record system, so a result lands in the right patient file.
- Strata Decision TechnologyPlatformBudgeting and cost analysis for hospitals, merged with Syntellis; an AI decision tool is still in testing.
- ConstructConnectEcosystemTells contractors and suppliers which building projects are coming up for bid, and counts from the drawings what a job will need.
- iPipelineEcosystemThe pipes between life-insurance and annuity sellers and the carriers behind them; sales were soft in the June 2026 quarter.
- MHAEcosystemBuys in bulk and negotiates with payers for pharmacies and care sites outside hospitals; also soft in the June 2026 quarter.
- FoundryEcosystemNuke and other visual-effects software; its SmartRoto and Grip Tape AI tools are lifting subscription revenue.
- iTradeNetworkEcosystemOrder and supply tracking for the perishable food moving between suppliers, grocers and restaurant kitchens.
- SoftWritersEcosystemThe operating system of pharmacies serving long-term care homes; its AI order entry is billed by the order it automates.
- SHPEcosystemScores care providers who treat patients after a hospital stay, benchmarking their quality against peers.
- Northern DigitalProduct lineSensors that tell a surgical navigation system exactly where an instrument sits inside the body; sold to device makers who build them in.
- CIVCO Medical SolutionsProduct lineGuides and covers for ultrasound-led procedures, plus the frames that hold a patient still during radiation treatment.
AderantPlatform
Practice and billing software for large law firms; grew mid-teens in 2025, quickest of Roper's big software names, and furthest along onto the cloud.
PowerPlanPlatform
Tracks the cost and tax treatment of everything a utility builds; a September 2026 AI tool aims at the $180B-plus pile of that work utilities have yet to get through.
Procare SolutionsPlatform
Scheduling, attendance and parent payments for more than 40,000 child-care centres; bought Playground, a smaller child-care software maker, in September 2026.
SubsplashPlatform · Ramping
App, giving and payments for churches; $800M for about $115M of revenue, growing high-teens in a market Roper reckons is half untouched.
Frontline EducationPlatform
Cloud software for the office side of K-12 schools: hiring and payroll, business operations, student records.
ClinisysPlatform
Runs the record-keeping inside clinical and public-health laboratories — which sample, which test, which result.
Data InnovationsPlatform
The plumbing between lab machines and the lab's record system, so a result lands in the right patient file.
Strata Decision TechnologyPlatform
Budgeting and cost analysis for hospitals, merged with Syntellis; an AI decision tool is still in testing.
ConstructConnectEcosystem
Tells contractors and suppliers which building projects are coming up for bid, and counts from the drawings what a job will need.
iPipelineEcosystem
The pipes between life-insurance and annuity sellers and the carriers behind them; sales were soft in the June 2026 quarter.
MHAEcosystem
Buys in bulk and negotiates with payers for pharmacies and care sites outside hospitals; also soft in the June 2026 quarter.
FoundryEcosystem
Nuke and other visual-effects software; its SmartRoto and Grip Tape AI tools are lifting subscription revenue.
iTradeNetworkEcosystem
Order and supply tracking for the perishable food moving between suppliers, grocers and restaurant kitchens.
SoftWritersEcosystem
The operating system of pharmacies serving long-term care homes; its AI order entry is billed by the order it automates.
SHPEcosystem
Scores care providers who treat patients after a hospital stay, benchmarking their quality against peers.
Northern DigitalProduct line
Sensors that tell a surgical navigation system exactly where an instrument sits inside the body; sold to device makers who build them in.
CIVCO Medical SolutionsProduct line
Guides and covers for ultrasound-led procedures, plus the frames that hold a patient still during radiation treatment.