Arma Partners is pleased to announce that it has acted as exclusive financial advisor to EQT and TA Associates on the sale of a significant minority stake in IFS and WorkWave to Hg Capital valuing the companies at $10 billion. EQT will remain a majority shareholder, with Hg Capital and TA Associates as significant minority shareholders.

IFS is a global cloud-based enterprise software leader empowering the world’s largest industrial companies to differentiate on service. With over 4,500 employees in more than 50 countries, the company serves thousands of customers worldwide with a single unified platform delivering best-in-class Field Service Management (FSM), Enterprise Asset Management (EAM), Enterprise Resource Planning (ERP) and Enterprise Service Management (ESM) solutions.

WorkWave is a leading provider of software and related digital solutions to recurrent field service verticals. Its suite of products empowers service-oriented companies in its target verticals to reach their full potential through scalable, cloud-based software solutions that support every stage of a business life cycle, including marketing, sales, service delivery, customer interaction and financial transactions.

EQT, Hg, and TA Associates will form a trio of world-class investors with decades of software experience, backing IFS and WorkWave for their next wave of growth, both organically and through strategic add-on acquisitions.

This transaction further underscores Arma Partners’ continued leadership position in enterprise software and consistent track record of advising on landmark multi-billion transactions.