IFS announced its acquisition of advanced provider of AI-powered enterprise Asset Investment Planning and Management (AIPM) company Copperleaf Technologies. IFS say the purchase is to add further depth to the firm’s position as a global enterprise application software provider.
Copperleaf uses financial data to help clients make informed investment decisions and is also an active participant in global industry standards and sustainability principles by being part of the United Nations Global Compact and the Institute of Asset Management.
The Vancouver-based AIPM firm’s software is responsible for managing up to two trillion dollars of global physical and digital assets, which includes Northern American energy utility giants like ONE Gas, Manitoba Hydro and National Grid.
All business asset and investment data gathered by Copperleaf is stored in a single, collaborative repository – which can be used to create accurate forecasting of asset risks and costs. Copperleaf’s analytics can assess hundreds of thousands of potential investments and rapidly formulate an optimal business plan.
Both IFS and Copperleaf considered the joining of their organizations to be complimentary, with the acquisition adding breadth to IFS’ current software capabilities. When the union of both companies is finalized, customers will be able to use industrial AI-powered software to manage crucial business assets in enhancing the efficiency and effectiveness of their operations. The transaction for the acquisition of Copperleaf is set to be completed in the third quarter of 2024.
On the acquisition of Copperleaf, Mark Moffat, CEO, IFS, commented: “IFS continues to build on its position as the global software leader for Asset and Service management, powered by Industrial AI. I am deeply excited about what Copperleaf brings to our extended customer offering. We combine two companies built on the same principles: world class innovative technology with unrivalled time to value, asset and industry expertise delivering exceptional ROI, and organizational cultures that have always put the customer at the center of everything they do.”
Paul Sakrzewski, CEO, Copperleaf, added: “I am incredibly proud of the work Copperleaf has done to establish and create the business we have today. Our market-leading solution is now utilized by many of the largest and best run asset owners in the world. Our next phase of growth as part of IFS will enable us to accelerate even faster and offer customers even greater capabilities, thanks to shared values and a commitment to delivering the most advanced and commercially impactful software asset-owners could need.”
Amidst the recent news, Copperleaf has also announced a collaboration with European transmission system operator, TenneT, to help connect all assets and areas as a means of portfolio optimization.
