When EQT VII acquired IFS in 2015, the ambition was to further accelerate an already impressive growth through selective investments into complementary areas. Now, with its acquisition of Mxi, IFS takes yet another step on this journey.
The acquisition is a very strong strategic fit for both IFS and Mxi Technologies, a leading provider of integrated and intelligent maintenance management software solutions for the global aviation industry. The two companies have highly complementary capabilities and combined, they will create the world’s leading provider of aviation maintenance software solutions to defense and commercial aviation operators.
Headquartered in Canada and with a strong presence in the US, Mxi will add over 265 employees and blue-chip customers such as Southwest Airlines, Air France, KLM, Qantas, China Airlines, LATAM, Icelandair, NetJets, Boeing, BAE Systems, Saab and FMV (Swedish Defence Materiel Administration) and to IFS’ operations.
“This acquisition focuses on an industry where IFS already has a strong position today and will make the company a market leader. It also chimes with the strategy of expanding in the US and Canada. Now there will be an even stronger position to build on,” said Per Franzén, Partner at EQT Partners, Investment Advisor to EQT VII.
Alastair Sorbie, CEO of IFS, said: “This acquisition is in line with IFS’ growth strategy and ambition to become the world’s leading provider of enterprise applications to global customers in asset, service, and product-centric verticals. The deep aviation maintenance expertise of Mxi combined with IFS uniquely positions us to help new and existing customers achieve operational excellence.”
The acquisition is expected to close during the first quarter of 2017.