President and Chief Executive Officer at Roper Technologies
Thanks, Rob. Let's turn to Page 11 and walk through the 2021 highlights for our Application Software segment. Revenues here were $2.38 billion, up 8% on an organic basis, and EBITDA margins were 44.2%. Across the segment, we saw organic recurring revenue, which is a touch north of 75% of the revenue for this segment increased 8% for the year. This recurring revenue growth is enabled by strong customer retention, continued migration to our SaaS delivery models, cross-selling activity and new customer adds.
Across this group of companies, the financial strength was broad based to highlight a few companies. Deltek, our enterprise software business that serves the U.S. Federal contractor, architect, engineering and other services end market had another great year. Deltek had nice gains in both our government contracting and private sector end markets gaining share in each and driving considerable SaaS adoption. Deltek continues to benefit by having favorable secular tailwinds.
Turning to Vertafore, a great year, exceeding the EBITDA expectations, that we outlined, at the time of the acquisition in 2020. Vertafore had impressive demand from their enterprise customers as they continue to partner with P&C agencies to tech-enable their customer acquisition quoting and underwriting workflows. Notably Vertafore had record quarterly bookings in Q4, which only add to their ARR momentum. Amy, to you and your team, congrats to a phenomenal start as part of the Roper family.
During the fourth quarter, we combine the CliniSys and Sunquest to create the largest global lab diagnostics and informatics business. Together, the businesses will begin integrating their go-forward product roadmaps and innovation efforts and operate under the CliniSys brands. Also of note, both CliniSys and Data Innovations set records by a wide margin for bookings activity in 2021. Finally, as it relates to this group, we recently completed the acquisition of Horizon Lab Systems, which adds public health, water and environmental laboratory cloud-based software to the global CliniSys product portfolio.
Aderant continues to be a solid performer for Roper, taking share in '21 from our primary large law competitor. Also, starting in 2020 and gaining momentum last year, Aderant is seeing a meaningful shift towards our cloud offering, helping drive substantial increases in the recurring revenue stream. Finally, we completed a small tuck-in acquisition, American LegalNet, which will extend and enhance Aderant's court docketing software solution.
Finally, Strata's combination with EPSi has worked out wonderfully well. Today, Strata partners with about half of the U.S. acute care hospitals to help them manage, forecast and plan their operating, and capital expenses and continues to extend both market share and product cross-selling. Looking to the outlook for 2022 in this segment, we expect mid-single-digit growth that is driven by our ARR or recurring revenue momentum, making for a solid year for this segment.
And with that, let's turn to our next slide. Turning to Page 12, as a reminder, the financial performance for this segment, as well as in NS2, MAS and PT are shown on a continuing ops basis. 2021 revenues in our Network segment were $1.34 billion, up 11% on an organic basis and EBITDA margins clocked in at 51.1% for the year. The exceptional organic growth performance in this segment was underpinned by very strong growth in recurring revenue, which is roughly 80% of the segment's revenue. The growth in margin performance in this segment was broad based and well distributed.
As we dig into business-specific performance, our U.S. and Canadian freight match businesses were just amazing throughout 2021. Market conditions were very favorable, which led to record levels of network adds, especially on the carrier side. More so, the leadership team at DAT did a terrific job scaling infrastructure to meet the market's demand while maintaining aggressive new product innovation efforts, which led to higher ARPU as well. Over the longer arc of time, our freight match businesses continue to be well positioned to enable the digitization of the spot freight markets.
Also, all of our other businesses in this segment saw increasing levels of ARR growth throughout the year, which helped set up for a strong 2022. To highlight a few, Foundry did a terrific job of continuing to extend their product advantage by using AI/ML to automate tasks within the media and entertainment post production workflows. In addition, Foundry has benefited by the continued increases in content creation budgets for streaming, animation and theatrical releases.
ITrade, our network food supply chain business, rebounded very nicely in 2021 following the 2020 COVID shutdowns. In addition to benefiting by food service reopening, iTrade was able to meaningfully expand their food supply chain network in 2021. iPipeline continues to benefit from the tech enabling of the life insurance distribution model and our Long-Term Care GPO, pharmacy software and home health analytics businesses continue to benefit from the post COVID recovery and the longer-term demographic aging of America. Finally, both rf IDEAS and Inovonics had good years, improving in the second half, especially within their health care applications.
Turning to the full year outlook, we expect to see high single-digit organic growth for this segment, driven by a combination of strong recurring revenue momentum and favorable market tailwinds.
Please turn to the next slide. As we turn to Page 13, revenues in our MAS segment were $1.56 billion, up 8% on an organic basis. EBITDA margins for the segment were 33.1% for the year. Again, these results are on a continuing ops basis. Before getting into business-specific details, across this segment, demand continues to be very strong. As previously mentioned, product backlogs ended the year at record levels. Also, each of these businesses are navigating the current supply chain environment.
Strong demand at Neptune continued throughout the year, picking up in the back half as Neptune's end markets continue to fully reopen. Also, the Neptune team continues to do a great job innovating their core product offering both in terms of the metering and the meter reading technologies. These innovative product advances helped set Neptune for many great years.
Verathon was very good last year. Remember, they had a great 2020, which was aided by COVID-related demand, but Verathon's 2021 was meaningfully higher than 2019, roughly 40% larger. Over the last two years, this team has innovated like crazy, going from zero to number two in the U.S. single-use bronchoscope market, launching several new video laryngoscope products and developing a new ultrasound core platform. Perhaps more importantly, in 2021, Verathon's largest product offering is now a mission-critical consumable medical product.
Our other medical product businesses, especially NDI and CIVCO, recovered nicely in 2021 as health care spending started to normalize. These businesses enter 2022 with record levels of order backlog. Demand across our industrial business rebounded with better end market and capital spending conditions but somewhat hampered by supply chain challenges. As it relates to the 2022 guidance, we expect to see high single-digit growth for this segment, underpinned by strong demand and backlog levels, but somewhat constrained by the current supply chain environment. Net-net, we expect a very strong year for this group.
Now let's turn to our final segment, Process Tech. As we turn to Page 14, revenues at our Process Tech segment were $499 million in 2021, up 8% on an organic basis. EBITDA margins were 32.2% for the year. These results are also reported on a continuing ops basis. The story here is we saw improving end market conditions across virtually every one of our businesses in this segment and very strong demand in the second half.
Cornell continues to perform well for us. This is partially based on market conditions, but also based on Cornell's product innovation as they're seeing very nice demand tick up for their IoT connected pumping solutions and the share gains they're enjoying as a result of their niche focused go-to-market teams. Similar to that of our MAS businesses, these businesses are being impacted by supply chain challenges, but continue to navigate well through the issues. Across this group, the business has exited 2021 with record levels of order backlog. As we turn to the outlook for 2022, we expect mid-teens organic growth based on strong levels of backlog and solid market conditions.
Now please turn to Page 16, as we'll walk through our 2022 guidance. For 2022, we're establishing adjusted DEPS guidance on a continuing ops basis of $15.25 to $15.55 Underpinning this DEPS guidance is organic revenue growth of 6% to 8% and a tax rate of 21% to 22%. As we said throughout the call, we feel quite bullish about our 2022 based on our 2021 recurring revenue growth and the momentum it carries into this year with strong product demand and the record levels of order backlog. As you look to the first quarter, we're establishing adjusted DEPS guidance to be in the range of $3.63 and $3.67, again, on a continuing ops basis.
Now some concluding comments and we'll get to your questions. As we turn to Page 17 and our closing remarks, we want to leave you with the same three points we started with: we had a strong '21; we are set up very well for a solid 2022 organic performance; and we have substantial M&A capacity heading into the year. As it relates to 2021, our revenues grew 19% to $5.8 billion and 9% on an organic basis. EBITDA grew 22% to $2.2 billion, which was 38.2% of revenue. Free cash flow grew 19% to $1.8 billion, 31% of revenue and 82% of EBITDA. Finally, we exceeded our deleveraging plan by reducing net debt by $1.7 billion and ending the year with 3.1 times leverage.
As we discussed throughout this call, we are set up to have a very strong 2022. Our 2021 software recurring revenue growth provides significant momentum heading into the year. Additionally, our product businesses had and have broad based demand and record levels of backlog. Taken together and further aided by favorable market tailwinds, we expect to see 6% to 8% organic revenue growth this year. In addition, we have reloaded our balance sheet and continue to have a highly active and engaged pipeline of M&A opportunities. We anticipate having about $5 billion of available M&A firepower over the course of 2022. As a result, we have a high level of conviction that will continue our double-digit cash flow compounding in 2022.
And with that, let's open it up to your questions.