Roper Technologies: Exploiting M&A Market Inefficiencies

Roper Technologies: Exploiting M&A Market Inefficiencies Brian Jellison spent his career at Ingersoll-Rand watching large industrials chase GE's razor-and-razorblade playbook, paying premium prices for capital-intensive assets while ignoring the small instrumentation and controls businesses sitting alongside them — half the capital intensity, twice the margins, and no bidding wars. At 55, he took the CEO job at a $600 million oil and gas pump company named Roper and spent 17 years building it into a $30 billion software conglomerate by acquiring niche businesses in markets too small for Oracle or Microsoft to care about: water meters, highway tolling systems, transit software, legal research tools. This case examines Jellison's CRI framework, why ROIC systematically understates returns in this type of M&A, and why the mispricing he exploited persisted for so long.

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