Hg, a private equity firm, has acquired a minority stake in IFS and WorkWave from EQT‘s EQT VIII Fund. The transaction values the companies at $10 billion.

Going forward, EQT VIII and EQT IX funds will remain in control as the largest shareholder in the firms. As part of the transaction existing minority shareholder, TA will divest a portion of its holdings to Hg.

IFS develops and delivers cloud-based enterprise software and provides a single unified platform for best-in-class field service management, enterprise asset management, enterprise resource planning, and enterprise service management services. WorkWave provides software and digital services to service verticals within field service management. The firm works to support customers to reach their full potential within verticals through scalable, cloud-based software services.

“The continued push of industries and enterprises to digitize and streamline their core operations presents a great opportunity for innovative software leaders like IFS and Workwave,” commented Johannes Reichel, partner within EQT Private Equity’s Advisory team, and Naveen Wadhera, managing director at TA. “Both companies have undergone significant transformation journeys to date and are now well positioned to take advantage of several global thematic trends, including customers increasingly relying on cloud-based software to deliver even better service to their customers as well as more sustainable usage of their resources and assets.”

Arma Partners acted as exclusive financial adviser to the sellers on this transaction alongside White & Case, Kirkland & Ellis and PwC.