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.

EQT is an alternative asset management firm based in Stockholm, Sweden with approximately $43 billion in capital across 22 funds. In March, the PE firm acquired Dorner Manufacturing Corp. from Incline Equity Partners and also bought survey provider Press Ganey Holdings Inc. (NYSE: PGND) in August 2016.

EQT’s funds have backed portfolio companies in Europe, Asia and the U.S. with combined sales totaling more than $20 billion. The EQT Mid Market US fund typically makes control equity investments in North American middle-market companies. In February, EQT closed a $4.2 billion investment fund, called EQT Infrastructure III. The fund will make back European and North American businesses in the energy, transportation and logistics, environmental, telecom, and social infrastructure sectors.