IFS, an innovator in cloud and industrial AI software, has agreed a deal to buy Copperleaf Technologies Inc for one billion Canadian dollars – equivalent to £571 million.
Headquartered in London, IFS has more than 600 employees in the UK. The deal will see Copperleaf, a provider of AI-powered enterprise asset investment planning and management software, leave the Toronto Stock Exchange.
In January IFS appointed Mark Moffat as CEO, with Darren Roos moving into a chairperson role.
Over two trillion dollars of physical and digital assets around the world are managed using Copperleaf software, which provides data and insights to help customers optimise decisions on where and when to invest in their business.
Its software is relied upon by some of the world’s largest and most respected organisations in the electricity, natural gas, water, energy, pharmaceutical and transportation industries.
Clients include ONE Gas, one of the largest publicly traded natural gas utilities in the United States; Manitoba Hydro, one of the largest integrated electricity and natural gas distribution utilities in Canada; and National Grid; one of the world’s largest publicly listed utilities.
“IFS continues to build on its position as the global software leader for asset and service management, powered by industrial AI,” said Moffat. “I am deeply excited about what Copperleaf brings to our extended customer offering.
“We combine two companies built on the same principles: world class innovative technology with unrivalled time to value, asset and industry expertise delivering exceptional ROI, and organisational cultures that have always put the customer at the centre of everything they do.”
Paul Sakrzewski, CEO of Copperleaf, added: “I am incredibly proud of the work Copperleaf has done to establish and create the business we have today.
“Our market-leading solution is now utilised by many of the largest and best run asset owners in the world. Our next phase of growth as part of IFS will enable us to accelerate even faster, and offer customers even greater capabilities, thanks to shared values and a commitment to delivering the most advanced and commercially impactful software asset-owners could need.”
Completion of the transaction is subject to customary conditions, including court approval, approval of the Copperleaf shareholders and regulatory approval under the Canadian Competition Act.