President and Chief Executive Officer at Roper Technologies
Thanks, Rob. Let's turn to Page 9, and walk through the Q1 highlights for our Application Software segment. Revenues here were $632 million, up 9% on our organic basis and EBITDA margins were 44.1%. Across the segment, we saw recurring revenue, which is a touch north of 75% of the revenue for this segment increased 10% in the quarter. 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 quite broad.
As we highlight a few businesses, we'll start with Vertafore. Vertafore had an excellent quarter which was highlighted by strong AR [Phonetic] bookings activity and revenue growth. In addition, during the quarter, Vertafore released its new commercial submissions product line. To remind everyone, Vertafore strategy is to help tech-enabled workflows for their P&C agent customers. This new product is a meaningful step in this direction as it allows agents to quote multiple carriers and is simple, automated workflow. Great stuff from the Vertafore team.
Turning to Deltek, they posted another great quarter with strength across all end markets served. Deltek continues to gain momentum driving adoption to their cloud-based product offerings. Deltek also continues to be benefited by having favorable secular tailwinds.
CliniSys and Data Innovations continued to exhibit strong demand and operational strength. Specifically, CliniSys continued its market share gains in the U.K. As a reminder, CliniSys is one of four strategic IT vendors to the National Health Service. [Indecipherable] was awesome, in the quarter, with continued strength driven by their direct go-to-market approach and large wins within the VA system.
Aderant continues to be a solid performer for Roper extending their share gains and our large law [Phonetic] space. Also in the quarter. Licensing activity tied to seat expansions was very strong. They also continue to see a meaningful shift toward our cloud offerings driving substantial increases to the recurring revenue base.
Strata whose cloud-based software helps hospitals plan budget and manage their operations, continue to execute their cross-selling strategy with TTM net retention north of 110%.
Of note, we are in the midst of an orderly leader transition at Strata. Dan Michelson, who has led Strata for the last 10 years, is retiring. As an element of Ropers talent offense strata has been developing its next CEO, John Martino for the past several years. As part of John's development, he started in the CFO function, then led commercial and go to market functions and then became the company's COO. Strata's future is secure, given the successful succession planning. Big thanks to Dan for all your leadership and accomplishments at Strata. John, we are super confident with you at the helm, your new role is well-earned. Congrats.
Finally, PowerPlan posted a strong double-digit growth quarter driven by recurring revenue adds and higher services utilization. They also have a substantially new product roadmap slated for this year, which I am looking forward to discussing on subsequent calls.
Looking to the outlook for 2022 in the segment, we expect to see mid-single-digit growth for the balance of the year, driven by continued strong ARR [Phonetic] momentum. With that, let's turn to the next slides.
Turning to Page 10. As a reminder, the financial performance for this segment as well as the next two, MAF and PT are shown on a continuing ops basis. Revenue in the first quarter for our Network segment was $369 million, up 16% on an organic basis, and EBITDA margins were strong at 51.2%. The 16% organic growth is underpinned by 16% growth in recurring revenue, which is roughly 80% of the segment's revenue base. As we dig into business-specific performance.
Our U.S. and Canadian freight matching businesses continue to be super strong during the quarter. The margin conditions continue to be quite favorable, which led to record levels of network adds again, especially on the carrier side of the network. In addition, VAT continues to do a nice job of increasing revenue per user by both adding features and improving value capture. Over a longer arc of time our freight matching businesses continue to be well-positioned to enable the digitization of the spot freight markets.
Moving to Foundry, our software business that enables the combination of live-action filming and computer-generated graphics to being applied into a single frame had record bookings, revenue, and EBITDA for the first quarter. Net retention is north of 110% and ARR [Phonetic] grew double-digits. Foundry's success is rooted in their fast-paced innovation capability and favorable long-term market conditions.
ITradeNetwork our network food supply chain business and iPipeline our life insurance SaaS business helping to tech enable, the quoting and underwriting processes, each had strong customer additions, which helped drive strong ARR growth in the quarter.
Finally, RF IDeas had record orders with growth coming from secure print and identity management applications.
Turning to the outlook for the balance of the year, 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.
Kindly turn to the next slide. As we turn to Page 11 revenues in our MAF segment were $392 million, up 7% on an organic basis. EBITDA margins for the segment were 31.5% for the quarter. Again, these results are on a continuing ops basis. Before getting into the business-specific details across this segment, demand continues to be very strong and product backlogs continue to be at record levels. Also, each of these businesses are navigating the current supply chain complexities while margins were in line with our expectations, they were negatively impacted versus prior year and are impacted by the availability and pricing of raw material components as well as expediting freight costs.
As our business increased price actions take hold throughout the year, margins should improve as we get into the second half. As it relates to our business-specific commentary, we will start with Neptune which had record orders, revenue, and quarter-ending backlog. Neptune has been able to gain market share by being successful in keeping product lead times at industry-leading terms and releasing new products both in terms of cellular connectivity and static meter-reading technology.
Verathon, Northern Digital, and each of our medical product franchises remain super solid. Verathon continues to see strong demand and market share gains in their single-use Bronchoscope category and NDI sees the same in both our optical and electromechanical measurement capabilities. These businesses are beneficiaries of long-term and favorable market tailwinds.
As it relates to our industrial businesses demand throughout the quarter was quite strong, given the improving end market and capital spending conditions. As it relates to the outlook for the balance of the year, we expect to see high single-digit growth for this segment underpins by strong demand and backlog levels, but somewhat constrained by the current supply chain environment. Net-net, we expect a very strong balance of the year for this group -- for the balance of the year for this group.
Now let's turn to our final segment Process Tech. As we turn to Page 12, revenue on our Process Tech segment were $134 million in Q1 up 18% on organic basis, EBITDA margins were 32.5% in the quarter. These results are also reported on a continuing ops basis. The story here is we continue to see improving end-market conditions across virtually every one of our businesses in this segment and very strong demand. Cornell continues to perform well for us delivering record orders and backlog in the quarter. The strength is partially based on market conditions, but also based on Cornell's product innovation, as they are seeing very nice demand pick up for their IoT connected pumping solutions and the share gains there doing as a result of their niche-focused go-to-market teams.
Also our upstream oil and gas businesses saw strength in the quarter. Similar to that of our MAS product businesses. These businesses are also being impacted by supply chain challenges but continue to navigate well through the issues. As we turn to the outlook for the balance of 2022, we expect high-teens organic growth based on strong levels of backlog and solid market conditions.
Now please turn to Page 14 and we'll talk through our 2022 increased guidance outlook. Based on the solid start to Q1, strong growth in our software, recurring revenue base, and record levels of product demand and backlog. We are increasing our full-year 2022 DEPS guidance to be in the range of $15.50 and $15.75, up from our original guidance of $15.25 and $15.55. Underpinning this DEPS guidance is our increased organic revenue growth expectation of 7% to 9% for the year. We expect the steady tax rate in the 21% to 20% range. As we look to the second quarter, we're establishing DEPS guidance to be in the range of $3.80 and $3.84 again on a continuing ops basis.
Now our concluding comments and we'll get to your questions. As we turn to Page 15 in our closing remarks, we want to leave you with the same three points, we started with.
One as we grow, we are increasing the quality of the underlying business and business model.
Two, we had a strong start to the year.
And three, we have substantial M&A capacity available to us.
As it relates to a strong start, we grew revenues organically 11% and EBITDA 8%. More so, we have grown our cash flow of 17% on a 3-year compounded basis. We are lifting our full-year organic growth in DEPS guidance based on the factors outlined during this call, specifically strong recurring revenue growth, record demand for our product businesses, and generally favorable market conditions.
Finally, we have reloaded our balance sheet and continued to have an active and engaged pipeline of M&A opportunities. We have north of $5 billion of available M&A firepower. So as we turn to your questions, we would like to highlight that our inaugural ESG report was published to our website earlier today. This report outlines our commitment to ESG and our sustainability principles. And with that, let's open it to your questions.