EQT has purchased Innovyze, a Colorado-based company specialising in water infrastructure analytics, from Canadian engineering company Stantec for $270 million.
The firm, which also has offices in California, Australia and the UK, was purchased by EQT’s $726 million Mid Market US fund.
Innovyze, which works with governments, consultants and utilities around the world on water infrastructure solutions, will keep its management team in place, EQT said. Innovyze president and chief executive Paul Boulos said EQT’s capital injection will help the company “further enhance our technology innovation and talent pool”.
Launched in 1996, Innovyze has grown to become a leading global presence in infrastructure modelling and simulation software, with thousands of municipalities and utilities from six continents among its clients. The company’s clients include the US Army Corps of Engineers, the Beijing Municipal Institute and the Aden Governorate Water & Sanitation Corporation.
Stantec brought in Innovyze with its May 2016 acquisition of MWH Global, a developer of which the software company was a part. Stantec noted that the larger integration of MWH into Stantec’s operations will be complete by the end of 2018.
EQT said it plans to support Innovyze’s ambition to become the global leader in its field, focusing on the development of new products and expansion into new geographic regions. Matthew Levine, an advisor to the fund, said EQT’s network and experience “will support Innovyze in achieving its full potential”.
The move comes a month after EQT closed on its third infrastructure fund, hitting a hard cap of €4 billion.