EQT’s seventh fund has sold Swedish software developer IFS to its successor funds – VIII and IX – for €3bn. As part of the transaction, expected to conclude next month, US-based TA Associates will become a minority shareholder in the company.

Founded in 1983, IFS serves 10,000 customers globally with its software solutions that enable businesses to digitalise their core operations while contributing to more efficient use of resources and assets across its customers’ value chain. IFS was acquired by EQT VII in 2015 and since then it doubled its revenues to SEK 7.3bn (€701m) and increased the number of employees by 50% to 4,000 people.