The transaction values 100% of IFS and WorkWave at $10bn
Hg, a software and services investor, has agreed to acquire minority stakes in cloud software company IFS and its subsidiary WorkWave from EQT and TA Associates.
The deal values IFS and WorkWave at $10bn.
EQT will continue as the majority shareholder in IFS, while TA Associates will retain a significant minority stake.
Based in Sweden, IFS builds and provides cloud enterprise software for companies which manufacture and distribute goods, manage service-focused operations, and build and maintain assets.
Its single unified platform is said to deliver field service management (FSM), enterprise resource planning (ERP), enterprise asset management (EAM), and enterprise service management (ESM) solutions.
Earlier this month, the IFS Cloud platform was selected by EDF Renewables UK and Ireland to deliver EAM.
WorkWave caters to recurrent service verticals within FSM with software and related digital solutions.
IFS CEO and WorkWave chairman Darren Roos said: “We’re proud to have built two amazing software brands – and we continue to go from strength-to-strength. We are structured to scale, we have outstanding technology, and our people and partners remain obsessed with our customers’ success.
“These have been the foundations of our success at both IFS and WorkWave, and now with the additional backing and software expertise of Hg alongside EQT and TA, we have the ability to accelerate even faster.”
EQT, Hg, and TA Associates are expected to support the continued standalone growth journeys of IFS and WorkWave. The trio will make further investments in the two firms’ organisations and product capabilities, organically as well as via strategic add-on acquisitions.
Hg senior partner and Saturn funds head Nic Humphries said: “We have spent well over 20 years with a strong focus on enterprise software. As a result we have followed IFS’ success for several years and recognise it as a very high-quality cloud business.
“Its consistent performance and growth are a result of a compelling and differentiated proposition, built by a strong management team led by Darren.”
The deal, which is subject to approvals and customary conditions, is anticipated to close during the third quarter of this year.