€15bn software group IFS lures sovereign funds as investors
Summary
Three of the worlds most powerful investors are in talks to buy a stake in IFS, a €15bn (£12.51bn) software developer which has positioned itself in the vanguard of the industrial shift towards artificial intelligence (AI). Money blog: Supermarket puts buying limit on new Lindt version of viral chocolate As part of the secondary share sale - which will not involve new stock being issued - IFSs trio of private equity backers will shuffle their holdings in the company. The recruitment of prominent investors such as ADIA and CPPIB underlines the increasing value attached to software providers which boast large recurring revenues and which are at the forefront of the seismic shift towards AI which remains in its infancy. It publicly names its clients as including Comcast, the ultimate owner of Sky News, energy giant EOn, Homeserve, Molson Coors and Rolls Royce Power Systems. Last year, it boasted annual recurring revenues of more than €1bn, and is said to be taking market share from legacy software suppliers such as IBM, Oracle and SAP.
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