Swedish enterprise software company IFS has acquired Clevest Solutions, a Canadian software provider in the utilities sector. Though no financial details were disclosed, the deal comes just a few months after IFS was itself acquired by EQT Ventures for over €3 billion.
Clevest provides software to energy and water utility companies to help them manage a mobile workforce and digitalise parts of the business, from internal processes to customer service. Services also include smart metering and smart networks. Headquartered in Ontario, the business has an international blue-chip client base.
Clevest CEO and founder Thomas Ligocki says IFS is the “perfect strategic partner” to fuel the global expansion of his business, which he started nearly 15 years ago.
With the acquisition, the Swedish company will further expand its 10,000-strong global customer base, of which 8,000 are in service management; and it also gains a more competitive service management offering for the energy & utilities sector.
Founded back in 1983, IFS reports that its service software revenue is projected to grow at 100 percent year on year, from 2019 to 2020. For the first time in the company’s history, in the first half of this year, over half of total revenue came from field service solutions.
Photo courtesy of Clevest