EQT Partners has signed a definitive agreement to acquire cloud-native enterprise software provider Acumatica through an investment vehicle owned by the same holding company that holds IFS AB (Industrial and Financial Systems).
IFS and Acumatica will serve growth industries such as manufacturing, distribution, construction, service, energy and A&D, while competing directly with SAP, Oracle, Microsoft, Infor and Sage, among others.
The new global entity is ultimately designed to meet a growing range of customer requirements. Both IFS and Acumatica understand that businesses are becoming increasingly global, regardless of size or industry.
To scale and compete, customers need a network of resources that will support business operations wherever they, their business partners and customers may be.
To address these needs the two companies will tap into one another’s ISV, reseller and systems integrator communities, cross-pollinate technical resources and roadmaps, and implement best practices across services and support to enable efficiencies of scale and rapid growth that are mutually beneficial.
Both companies are currently adopting artificial intelligence and machine learning features into their respective products and expect to achieve early success in that area.
“This collaboration is great news for both organisations, our customers, partners and employees,” said IFS CEO Darren Roos, who will assume a position on Acumatica’s board of directors. “EQT has brought together two businesses that will enjoy the key benefits of a partnership in the growing cloud enterprise applications market.”
Roos said IFS and Acumatica can benefit from one another’s resources, capabilities and strategies, but still enjoy full autonomy and rapid growth trajectories while avoiding disruptions to business operations or brand equity.
“Combined with the proficiencies of IFS, Acumatica is positioned to expand into new markets and offer true global support for our rapidly expanding international customers,” said Acumatica CEO Jon Roskill.