EQT Mid Market US has agreed to acquire Broomfield, Colorado-based Innovyze, a provider of smart water infrastructure modeling and simulation software solutions for government agencies, engineering consultants, municipalities and utilities. The seller is Stantec Inc. The price of the transaction is $270 million.
EQT Mid Market US GP B.V. (“EQT Mid Market US”) today announced that it has agreed to acquire Innovyze, Inc. (“Innovyze” or the “Company”). The Company is being acquired from Stantec Inc. (“Stantec”), a global professional consulting services company listed on both the TSX and NYSE. Innovyze’s management team, led by Paul Boulos, will continue to lead the Company following completion of the transaction, building on a long track record of success driving growth at Innovyze.
Innovyze was established in 1996 as a subsidiary of MWH Global, Inc. to provide wet infrastructure business analytics software solutions. Since then, Innovyze has developed into a leading global provider of smart water infrastructure modeling and simulation software solutions designed to meet the technological needs of water / wastewater utilities, government agencies and engineering organizations worldwide. As the largest pure-play water-focused software company in the world, Innovyze offers the only suite of water-focused products that span the full infrastructure lifecycle, which are engineered for speed and reliability and backed by strong technical support. Innovyze is headquartered in Broomfield, Colorado and has offices in California, the UK and Australia.
EQT Mid Market US will support Innovyze in its ambition to become the global leader in smart water infrastructure modeling and simulation software. Particular attention will be paid to the development of new product capabilities and new customer segments, as well as expansion into new geographies.
Matthew Levine, Partner at EQT Partners, Investment Advisor to EQT Mid Market US said: “We are deeply impressed by Innovyze’s strong management team, culture of continuous innovation and track record of growth. Innovyze has successfully differentiated itself through best-in-class software capabilities and a collaborative customer approach, resulting in an industry reputation for excellence and high client satisfaction. We are very excited about the future growth of the global water infrastructure market and Innovyze’s position at the forefront of this important sector, and believe that EQT’s industrial network, international expertise and experience in the water infrastructure space will support Innovyze in achieving its full potential.”
“We have been passionately building significant global market presence and vanguard water and wastewater modeling and simulation technology since I founded Innovyze over twenty years ago, and we excelled in superior customer care,” said Paul F. Boulos, Ph.D., BCEEM, Hon.D.WRE, Dist.D.NE, Dist.M.ASCE, NAE, Chairman, CEO and President of Innovyze. “Joining forces with EQT will help us further enhance our technology innovation and talent pool to even better serve our fast growing customer base. This is an ideal match of culture and technology, and a great win for the critical water and wastewater industry. I look forward to leading Innovyze to unprecedented levels of success for our customers, their communities and the environment.”
“We see this transaction with EQT Mid Market US as an opportunity to continue working with Innovyze in servicing our clients while allowing our companies to prosper with the best available resources,” said Bob Gomes, Stantec President and Chief Executive Officer.
EQT is a leading alternative investments firm with approximately EUR 35 billion in raised capital across 22 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More info: www.eqtpartners.com
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