Mike Ryan ’23 pitched Roper Technologies (NYSE: ROP) on December 5, 2022. Roper is headquartered in Sarasota, FL and is a diversified technology company that designs and develops software-as-a-service and technology enabled products. The company is highly acquisitive and currently operates 27 market leading businesses that provide vertical software to niche end markets. Roper operates within three main segments: application software, network software and technology enabled products. Overall, Mike’s investment rationale focused on Roper’s sustained organic growth as a result of their high percentage of recurring revenue, Roper’s vast inorganic growth opportunities given their ~$4 billion of M&A capacity going into 2023 and their minimal downside risk because of their diverse range of end markets and low customer concentration. SMIF voted to buy 110 shares of ROP using the proceeds from selling 110 shares of the Information Technology Sector ETF (XLK), cash in the portfolio, and SPY to cover the remaining difference.