On April 9, 2025, IFS, a global provider of cloud enterprise software and industrial AI applications, has reached a valuation of over €15 billion (approximately CAD 22 billion) following a major secondary transaction. Hg has increased its stake to become a co-controlling shareholder alongside EQT, while Canada Pension Plan Investment Board (CPP Investments) and the Abu Dhabi Investment Authority (ADIA) have joined as new minority investors. TA Associates remains a minority shareholder. Shares were acquired from EQT’s EQT VIII and EQT IX funds, TA, and other minority investors.

IFS continues its strong growth trajectory, reporting over €1.2 billion (approximately CAD 1.76 billion) in total revenue and more than €1 billion (approximately CAD 1.47 billion) in annual recurring revenue in 2024. Demand for its IFS.ai platform, which integrates generative and agentic AI, has surged across sectors such as energy, aerospace, manufacturing, and telecommunications. New customers include Exelon, Rolls-Royce, and TotalEnergies, and the company has seen a 64% year-over-year increase in average deal size among its largest clients.

Advisors on the transaction include Arma Partners and White & Case LLP for IFS and the selling shareholders, Evercore for EQT, Morgan Stanley & Co. plc and Skadden for Hg, Kirkland & Ellis LLP for CPP Investments, and a Frankfurt-based Freshfields partner who advised co-investor ADIA. The transaction is subject to customary regulatory approvals and is expected to close by the end of Q2 2025.