M&A Deal Summary

IFS Acquires WorkWave

On November 8, 2017, IFS acquired internet software and services company WorkWave from Chicago Growth Partners

Acquisition Highlights
  • This is IFS’s 1st transaction in the Internet Software and Services sector.
  • This is IFS’s 1st transaction in the United States.
  • This is IFS’s 1st transaction in New Jersey.
Investment Fate
  • WorkWave was divested to a consortium of buyers in 2021.

M&A Deal Summary

Date 2017-11-08
Target WorkWave
Sector Internet Software and Services
Buyer(s) IFS
Sellers(s) Chicago Growth Partners
Deal Type Add-on Acquisition

Target

WorkWave

Holmdel, New Jersey, United States
website
WorkWave is a provider of an intuitive cloud-based field service management and fleet management solutions that help enterprising organizations with a mobile workforce transform their businesses. WorkWave was founded in 1984 and is based in Holmdel, New Jersey.

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Buyer(S) 1

Buyer

IFS

Linköping, Sweden

website


Category Company
Founded 1983
Sector Software
Employees3,700
DESCRIPTION

IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build and maintain assets, and manage service-focused operations. Within our single platform, our industry specific products are innately connected to a single data model and use embedded digital innovation so that our customers can be their best when it really matters to their customers—at the Moment of Service™. IFS was founded in 1983 and is based in Linköping, Sweden.


DEAL STATS #
Overall 9 of 16
Sector (Internet Software and Services) 1 of 4
Type (Add-on Acquisition) 7 of 14
State (New Jersey) 1 of 1
Country (United States) 1 of 4
Year (2017) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-01 mplsystems

Warwick, United Kingdom

mplsystems Ltd. is a provider of omni-channel contact center and customer engagement software. mplsystems Ltd. was established in 1994 and is based in Warwick, UK.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-08 Astea International

Horsham, Pennsylvania, United States

Astea International, Inc. is a provider of service management software that addresses the unique needs of companies who manage capital equipment, mission critical assets, and human capital. The Astea Alliance suite supports the complete service lifecycle, from lead generation and project quotation to service and billing through asset retirement. Astea International was founded in 1979 and is based in Horsham, Pennsylvania.

Buy -

Seller(S) 1

SELLER

Chicago Growth Partners

Chicago, Illinois, United States

website


Category Growth Capital Firm
Founded 2004
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Chicago Growth Partners LLC (CGP) was a Chicago-based based private equity firm that provided expansion and buyout capital to middle-market companies generating sales of $15 to $150 million. CGP sought to invest in business services, consumer services, healthcare products/services, and industrial companies. CGP was formed in 2004 as a spin-off of William Blair Capital Partners, the investment group of investment bank William Blair. In 2014, the Firm ceased operations.


DEAL STATS #
Overall 32 of 34
Sector (Internet Software and Services) 3 of 3
Type (Add-on Acquisition) 15 of 15
State (New Jersey) 1 of 1
Country (United States) 29 of 31
Year (2017) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-03 2Checkout

Columbus, Ohio, United States

2Checkout, Inc. is a global payment processor that allows companies to accept online and mobile payments from buyers worldwide with localized payment options. 2Checkout, Inc. was established in 2000 and is headquartered in Columbus, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-15 Teaching Strategies

Bethesda, Maryland, United States

Teaching Strategies is a provider of childhood educational resources, including curriculum and web-based assessment products. Teaching Strategies offers the industry’s widest selection of research-based, developmentally appropriate instruction and assessment products to the growing early childhood market. Teaching Strategies was established in 1988 and is based in Bethesda, Maryland.

Sell -