Arma Partners is pleased to announce that it has acted as exclusive financial advisor to IFS on its significant minority investment led by Hg, valuing the company at an enterprise value of €15 billion. As part of the transaction, Hg increases its stake to become co-control shareholder alongside EQT, while TA Associates remains invested as a minority shareholder. New minority shareholders also include ADIA, CPP Investments and others.

IFS is a leading provider of Industrial AI applications in cloud enterprise software. In 2024, IFS generated annual recurring revenue of more than €1 billion, an increase of more than 30% year-on-year. Demand for IFS’s industrial AI capabilities has increased significantly as organisations across IFS’s focus industries have continued to realise the rapid and transformative value IFS.ai delivers.

This investment and commitment from EQT, Hg, TA Associates and the new investors will support IFS on its journey to be the undisputed category leader of industrial software.

This landmark transaction demonstrates Arma Partners’ exceptional track record of successfully orchestrating large software recapitalisations involving global investors across diverse pools of capital. The deal further highlights Arma Partners’ role as long-term trusted advisor, having advised IFS on its $700 million acquisition of Copperleaf Technologies in 2024 and the sale of a significant minority stake in IFS and WorkWave to Hg in 2022 valuing the group at $10 billion. Arma Partners also advised TA Associates on the acquisition of its initial minority investment in IFS in 2020 at a valuation of $3.4 billion.