Cloud software vendor Acumatica has been acquired by EQT Partners, a private equity group based in Sweden. Terms of the sale were not disclosed. 

 

EQT already owns IFS, a Sweden-based group that markets financial software. Acumatica will continue to operate as an independent company with no changes in managements.  “What EQT has been looking to do is bolster IFS as a global cloud player,” the spokesman said.

IFS had revenue of $154 million for the year ended March 31, an increase of 29 percent from fiscal 2018. Acumatica does not disclose revenue.

Last modified on Wednesday, 19 June 2019
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