Global law firm White & Case LLP has advised IFS and its shareholders, including EQT, on an investment by Hg.
"The White & Case team worked closely with EQT and the IFS management team to successfully execute a strategically significant transaction which showcases our capabilities supporting key deals in the private equity and technology sectors," said White & Case partner Patrik Erblad, who led the Firm's deal team.
This transaction will make Hg a significant minority investor in IFS and WorkWave, in a transaction valuing the companies at US$10 billion. EQT will remain the majority shareholder alongside TA Associates, Hg and the companies' management teams.
IFS develops and delivers cloud enterprise software for companies around the world which manufacture and distribute goods, build and maintain assets and manage service-focused operations. WorkWave's suite of products empower service-oriented companies to reach their full potential through scalable, cloud-based software solutions.
EQT is a purpose-driven global investment organization with €73.4 billion in assets under management across 28 active funds. Its funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately €29 billion and more than 175,000 employees.
Hg is a specialist private equity investor focused on software and services businesses. It has in excess of US$40 billion in funds under management and a portfolio of more than 40 software and technology businesses valued at more than US$100 billion in aggregate enterprise value.
TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – it invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 550 companies around the world. TA has raised US$47.5 billion in capital since its founding in 1968.
The White & Case team which advised on the transaction was led by partner Patrik Erblad (Stockholm) and included partners Mike Weir, Ben von Maur, Marc Israel, Will Smith (all London), Darragh Byrne (Frankfurt & Stockholm), Henrik Wireklint (Stockholm), Orion Berg (Paris), Tilman Kuhn (Düsseldorf & Brussels), Thomas Glauden (Luxembourg & Brussels) and Arnaud Cagi-Nicolau (Luxembourg), local partner Mathis Rust (Düsseldorf) and associates David Riihonen, Rebecka Tenenbaum, Gemma Kean, Alexia Kavaleff (all Stockholm), Mahir Maini, Elena Ruggiu (both London), Timothy Sensenig (Washington, DC) and Géraldine Amory (Brussels).
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