EQT sells stakes in IFS and WorkWave at 10 billion dollar valuation
Private equity firm EQT has agreed to sell a significant portion of its stake in software providers IFS and WorkWave to Hg, valuing the companies at 10 billion USD.
Investment firm EQT has announced the sale of a substantial part of its EQT VIII fund's stake in IFS and WorkWave to Hg. The transaction values both software companies at a combined 10 billion USD. Existing minority shareholder TA Associates will also divest a portion of its equity to Hg as part of the deal.
Following the transaction, EQT will maintain majority control of both firms alongside Hg, TA, and the management teams. IFS and WorkWave, which were separated into standalone entities in 2021, have seen significant growth in recent years. IFS reported a 51 percent annual increase in Cash EBITDA since 2020, while WorkWave has tripled its revenue through organic growth and strategic acquisitions.
Investors intend to support the continued development of both companies through capital investment and further add-on acquisitions. The firms focus on cloud-based enterprise software, including field service management and resource planning, catering to an increasing global demand for digital operational efficiency.