IFS, the cloud and Industrial AI software company announced that it has entered into a definitive agreement to buy Copperleaf Technologies Inc. (TSX: CPLF).
As the most advanced provider of AI-powered enterprise Asset Investment Planning and Management (“AIPM”) software, Copperleaf offers compelling capabilities that add further depth to IFS’s position as the foremost global Enterprise Application Software provider for Asset and Service centric industries.
The combination of Copperleaf and IFS is highly complementary, offering organizations an unparalleled breadth and depth of software capabilities. Customers will have access to advanced Industrial AI-powered software to manage every element of the assets that are so crucial to their business – across their lifecycle – in order to drive efficiency and effectiveness in their operations.
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 optimize 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 organizations in the electricity, natural gas, water, energy, pharmaceutical and transportation industries such as: ONE Gas; one of the largest publicly traded, 100 percent-regulated 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.
Mark Moffat, CEO of IFS, commented: “IFS continues to build on its position as the global software leader for Asset and Service management, powered by Industrial AI. 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 organizational cultures that have always put the customer at the center 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 utilized 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.”
Darren Roos, Chair of IFS, added “the combination of Copperleaf and IFS creates compelling value for the complex, asset-intensive customers we serve as well as partners, investors and employees”. Amos Michelson, outgoing Chair of Copperleaf, also added: “The acquisition is recognition of the investments, and many years of hard work, that have been put into making the business the success it is today. I am confident that the company’s future as part of IFS will offer opportunity and growth for all.”
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. Subject to the satisfaction of these and the other conditions to closing set out in the arrangement agreement, it is anticipated that the acquisition of Copperleaf will be completed in the third quarter of 2024.
Further details about the transaction can be found here.
