Fort Capital Advises Clevest on its acquisition by IFS

Transaction Details

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Fort Capital Partners is pleased to announce that Clevest Solutions Inc. (“Clevest”) has been acquired by Industrial and Financial Systems, IFS AB (“IFS”).

Founded in 2006 in Vancouver, British Columbia, Clevest is the leading provider of mobile workforce and advanced network deployment solutions for the utilities vertical, working with 270 utility customers worldwide.

Founded in 1983, IFS is a global enterprise applications company based in Sweden that delivers enterprise software for customers around the world who manufacture and distribute goods, build, and maintain assets, and manage service-focused operations. Together with its 4,000 employees and more than 400 partners, IFS serves over 10,000 customers around the world.

The acquisition of Clevest helps IFS to intensify its focus on driving the customer service experience and adds industry-specific product capabilities as well as a strong customer base. Clevest is an ideal addition to IFS with its proven utilities domain expertise, market-leading capabilities and impressive international blue-chip client base of energy & water utilities providers.

Thomas Ligocki, CEO and Founder of Clevest noted, “To accelerate the global growth of the company I founded almost 15 years ago, I found in IFS the perfect strategic partner. By bringing together these two companies we will undoubtedly be able to offer the best Field Service and SmartGrid Management solutions on the market. It also brings new opportunities and clear benefits to Clevest partners and customers as they seek new ways to scale globally.”

Shareholders of Clevest included Energy Impact Partners, a U.S. venture capital firm backed by some of the world’s largest and most progressive energy companies,  Vancity Capital, the company’s first institutional investor and a strong local proponent of the B.C. technology ecosystem, and a broad network of individual investors.

Fort Capital Partners acted as financial advisor to Clevest on the transaction.

ABOUT CLEVEST SOLUTIONS INC.

Clevest provides workforce automation software that connects the mobile workforce to office operations. Built for energy and water utilities, the Company’s innovative solutions optimize any field activity or process, improving outage response times, worker productivity and safety, and helping utilities reduce their carbon footprint. With over 270 utility customers worldwide, Clevest solutions have been used to deploy over 35 million smart meters, and service over 100 million energy and water consumers. Clevest is MultiSpeak-compliant, integrates with 250 enterprise systems, and offers configurable solutions that can be deployed on-premise or in the cloud. For more information, visit www.clevest.com.

ABOUT IFS

IFS develops and delivers enterprise software for customers around the world who manufacture and distribute goods, build and maintain assets, and manage service-focused operations. The industry expertise of our people and solutions, together with a commitment to delivering value to every one of our customers, has made IFS a recognized leader and the most recommended supplier in our sector. Our team of 4,000 employees and growing ecosystem of partners support more than 10,000 customers around the world challenge the status quo and realize their competitive advantage. Learn more at ifs.com.