EQT Funds Acquire IFS with TA Associates as Minority Partner

Hg, ADIA and CPP Investments acquire minority stake in IFS at €15 billion valuation

April 9, 2025

Software

Hg has increased its stake in enterprise software provider IFS to become a co-control shareholder alongside EQT, as new minority investors — a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and the Canada Pension Plan Investment Board (CPP Investments) — buy shares from EQT, TA Associates and other minority holders. The transaction values IFS at over EUR 15 billion and supports the company’s continued AI-driven growth after surpassing €1 billion in ARR and more than 7,000 employees globally.

Hg Takes Significant Minority Stake in IFS and WorkWave

March 30, 2022

Cloud & SaaS

Hg has agreed to become a significant minority investor in cloud software vendors IFS and WorkWave in a transaction valuing the companies at $10.0 billion. EQT will remain the majority shareholder while TA Associates remains a significant minority shareholder; the capital will support further organic growth and add-on acquisition activity.

Montagu Private Equity Acquires Majority Stake in ITRS Group from TA Associates

January 19, 2021

Software

Montagu Private Equity has agreed to acquire a majority position in ITRS Group from TA Associates, which will remain a minority shareholder alongside Montagu and ITRS management. ITRS, a London-headquartered provider of real-time monitoring and analytics software with more than 3,000 clients globally, will partner with Montagu to accelerate growth and expand its product and market footprint.

IFS Acquires Astea International

December 11, 2019

Software

IFS has completed the acquisition of 100% of the shares of Astea International, a global field service management software provider headquartered in Horsham, Pennsylvania. The deal expands IFS's field service management capabilities and global footprint; Astea founder Zack Bergreen will serve as Senior Advisor while Marne Martin (IFS) will lead the combined service management business.

EQT Acquires Majority Stake in Ellab from IK Investment Partners

August 7, 2019

Medical Devices

EQT Mid Market Europe has agreed to acquire a majority interest in Ellab A/S from the IK VIII Fund (advised by IK Investment Partners). EQT will partner with Ellab's management, which will retain a minority stake, to accelerate global growth by expanding R&D, enhancing the go-to-market model in the US and Europe, and growing the company's as-a-service offerings.

EQT Acquires Acumatica

June 19, 2019

Cloud & SaaS

EQT VII has agreed to acquire Acumatica, a Bellevue-based cloud-native ERP software vendor, from the company's founders, management and other minority investors; financial terms were not disclosed. Acumatica will remain an independent, channel-focused SaaS business led by CEO Jon Roskill and will operate as a sister company to EQT's existing ERP portfolio company IFS to pursue cross‑pollination of R&D, go-to-market synergies and accelerated growth in the SMB ERP market.