IFS to acquire Copperleaf Technologies for asset management boost

IFS has entered a definitive agreement to acquire Copperleaf Technologies, a provider of AI-powered enterprise Asset Investment Planning and Management software. The acquisition, which remains subject to several customary conditions, including shareholder and court approvals, is expected to finalise in the third quarter of 2024.

Copperleaf manages over USD $2 trillion of physical and digital assets for its clientele, which includes major organisations in diverse sectors such as electricity, natural gas, water, energy, pharmaceuticals, and transportation. Notable clients include ONE Gas, one of the largest natural gas utilities in the United States, Manitoba Hydro, a major integrated electricity and natural gas utility in Canada, and National Grid, one of the world's largest publicly listed utilities.

The combined entity will offer expanded capabilities in enterprise asset management, bolstering both companies' positions in their respective markets. IFS, noted for its cloud and industrial AI innovations, regards this move as an opportunity to deepen its asset and service management expertise. Copperleaf's advanced decision analytics software will enable IFS to offer a more comprehensive range of solutions to its existing and potential clients.

Mark Moffat, CEO of IFS, remarked, "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." Moffat highlighted the complementary nature of both companies, citing shared values and a commitment to outstanding customer-centric innovation.

Paul Sakrzewski, CEO of Copperleaf, expressed satisfaction with the acquisition, noting, "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."

Chair of IFS, Darren Roos, 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 commented on the historical significance of the acquisition, recognising the work and investments that have led to this point.

The transaction's completion is dependent on regulatory approval under the Canadian Competition Act and the approval of Copperleaf's shareholders. These processes and other closing conditions are anticipated to be resolved by the third quarter of 2024.

IFS develops and delivers cloud enterprise software for companies engaged in various critical sectors such as manufacturing, distribution, asset building and maintenance, and service-focused operations. Copperleaf, based in Vancouver, Canada, provides enterprise decision analytics software solutions tailored for companies managing critical infrastructure across the globe.