December 13, 2016 / 2:03 PM / 7 months ago

EQT-backed software firm IFS buys Canada's Mxi Technologies

2 Min Read

STOCKHOLM, Dec 13 (Reuters) - Swedish enterprise software maker IFS said on Tuesday it has bought Canada-based software firm Mxi Technologies and aims to focus more on acquisitions after being bought by private equity firm EQT, an IFS executive said.

* IFS, which was bought by private equity firm EQT one year ago, said it bought privately owned Mxi Technologies, a provider of maintenance management software solutions for the aviation industry, for an undisclosed amount

* Mxi Technologies has more than 265 employees and is based in Ottawa, Canada

* IFS acquisitions and strategy chief Fredrik vom Hofe told Reuters the acquisition of Mxi Technologies was its biggest since at least 2003

* Its second-biggest acquisition in recent years was in 2012 when it bought a company in Latin America with revenues of around $12 million

* vom Hofe said the acquisition of Mxi Technologies was in line with IFS' ambition to be market leader in enterprise applications for global customers in selected capital intensive, service, and product-centric verticals

* IFS, which competes with global business software giants like Oracle, SAP and Microsoft, has focused on acquisitions to win market share

* The firm focuses on sectors such as Oil & Gas, Aerospace & Defence and Field Services Management and has been on a buying spree for much of the past decade

* "This acquisition clearly focuses on one industry where we already have a strong position, but now we will be a market leader and we will also become bigger in the important North American software market," vom Hofe said

* "With the acquisition of Mxi, IFS becomes a world-leading provider of aviation maintenance software solutions to defence and commercial aviation operators," IFS Chief Executive Alastair Sorbie said in a statement

* IFS had revenues of 3.4 billion Swedish crowns ($370 million) in 2015 with an adjusted operating margin of 13 pct

$1 = 9.1711 Swedish crowns Reporting by Olof Swahnberg, editing by Mia Shanley

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