LAKEWOOD RANCH -- Medical manufacturer Roper Industries Inc. has reached an agreement to buy one of the nation's top hospital software providers for $1.42 billion in cash.

Headquartered in Tucson, Arizona, Sunquest Information Systems Inc. provides clinical software used by more than 1,700 hospitals worldwide. The systems are used in diagnostic labs to create data and improve workflow, the company said.

Roper, which is based in Lakewood Ranch, expects the acquisition to generate $140 million of earnings in 2013. Privately held Sunquest will continue to operate under its own name.

Roper produces water and fluid handling pumps, equipment and consumables for materials analysis, leak testing equipment, flow measurement and metering equipment and water meter and automatic meter reading products and systems.

Company officials did not return phone calls seeking comment Monday.

"We expect Sunquest to benefit in all economic environments from very favorable market forces -- an aging population, expansion of anatomic pathology, and the need for reduced health care costs and improved quality of care," Roper Chairman, President and CEO Brian Jellison said in a statement.

Sunquest is owned by a group of investors led by Huntsman Gay Global Capital and Vista Equity Partners, which has owned the company since 2007. Sunquest President and CEO Richard Atkin said the acquisitions will strengthen the firm's finances to help enhance product offerings.

The transaction, still subject to approval, is expected to close within 30 days.

Roper on Monday reported net earnings of $115 million for the second quarter that ended June 30, an 8 percent increase from the same time a year ago.

Revenue at Roper grew 4 percent to $725 million, while orders also ballooned 8 percent to $763 million and represented a book-to-bill ratio of 1.05.

Roper entered into a new $1.5 billion credit facility Friday, doubling the amount of revolving credit available to the company.

"We achieved record second quarter revenue and earnings, as our businesses continued to execute well in the current uncertain economic environment," Jellison said.

"Organic growth was consistent with our expectations in the quarter."

Josh Salman, Herald business writer, can be reached at 941-745-7095. Follow him on Twitternote>