IFS was acquired by EQT Partners and TA Associates for EUR 3 billion.

IFS, a  Stockholm, Sweden software developer, announced that its shareholders, EQT Partners made a transaction deal in excess of EUR 3 billion ($3.38bn) for controlling the business.

The deal was made together with TA Associates, which will join as a minority partner and will hold a significant minority stake in IFS. EQT funds and TA Associates aim to support IFS and the management team with continued investments in the organization and product capabilities, both organically and through add-on acquisitions.

IFS - Industrial and Financial Systems - founded in 1983 and led by CEO Darren Roos, is a provider of Field Service Management (FSM) software and is recognized for its vertically-aligned Enterprise Resource Planning (ERP) and Enterprise Asset Management (EAM) software solutions. IFS is a key enabler for digitalizing core operations while contributing to more efficient use of resources and assets across its customers’ value chain. The Company serves more than 10,000 customers globally reaching more than one million users.

IFS was previously publicly traded on the public stock exchange and was delisted by EQT in 2016.