Industrial and Financial Systems (IFS) has finalised a definitive agreement to acquire Canadian software company Copperleaf Technologies for C$1bn ($730m).  

The acquisition price represents an 18% premium on Copperleaf’s closing share price on the Toronto Stock Exchange as of 10 June 2024, and a 66% premium over the 90-day volume-weighted average trading price.  

Headquartered in Vancouver, Canada, Copperleaf is a provider of artificial intelligence (AI)-powered asset investment planning and management (AIPM) software.  

It serves a diverse customer base across multiple industries, including electricity, natural gas, and transportation. 

IFS, a Swedish enterprise software company, is engaged in offering field service management solutions.  

It will integrate Copperleaf’s offerings to enhance its enterprise asset Management and enterprise service management capabilities.  

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This merger aims to deliver comprehensive software tools to manage the entire lifecycle of crucial business assets, driving operational efficiency and effectiveness.  

Copperleaf’s software, which claimed to be used to manage more than $2trn dollars of assets globally, will continue to be a key component of IFS’s strategy, with continued investment and development in Vancouver. 

IFS CEO Mark Moffat said: “IFS continues to build on its position as the global software leader for Asset and Service management, powered by Industrial AI. 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 organizational cultures that have always put the customer at the center of everything they do.” 

Copperleaf CEO Paul Sakrzewski said: “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.” 

The transaction is expected to be finalised in the third quarter of 2024.  

Following the deal completion, Copperleaf will be delisted from the Toronto Stock Exchange and will no longer be a reporting issuer under Canadian securities laws.