EQT-backed IFS bolts on WorkWave

With the acquisition of WorkWave, IFS will look to bolster its presence in the North American market and the SME enterprise software market. The amount and terms of the deal were not disclosed.

IFS acquired VisionWaves, a software developer for the aviation, banking, and oil & gas industries in July 2015. Shortly after, EQT acquired 68% of IFS in November 2015 for SEK 5.46bn from EQT VII.

Previous funding
WorkWave received investment from Chicago Growth Partners in 2012 as part of a buyout deal. According to Crunchbase, the firm also received a $6m series-A in July 2007, led by Key Venture Partners.

Company
Established in 1984, US firm WorkWave is a cloud-based SaaS developer targeting the field service and logistics management industries. The company has around 7,300 customers, primarily small and medium-sized enterprises. The company employs 260 people.

People
WorkWave – Chris Sullens (CEO).
IFS – Fredrik vom Hofe (senior vice-president).

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