European investment group EQT is acquiring Innovyze, a U.S.-based software developer for smart water infrastructure modeling, from Stantec Inc. (NYSE: STN). The cross-border deal is valued at approximately $270 million and EQT is using capital from its EQT Mid Market US fund to finance the purchase.
Innovyze, formed in 1996, is a global software provider of business analytics and performance monitoring for the wet infrastructure industry. The target offers water-focused products that cover the full infrastructure lifecycle for government agencies and engineering organizations. The target is headquartered in Broomfield, Colorado and has offices in California, the U.K. and Australia.