By Dominic Chopping
STOCKHOLM--Swedish private-equity firm EQT AB said Monday that it has acquired a majority stake in thinkproject, a European software-as-a-service provider of construction intelligence solutions for the architecture, engineering, construction and owner-operated industry.
The EQT IX fund has acquired the stake from TA Associates and thinkprojects founder Thomas Bachmaier.
Founded in 2000 and headquartered in Munich, thinkproject serves more than 250,000 users in over 60 countries. The company employs around 450 people and its software is used by 2,750 customers across international private and public asset owners, project developers, and general contractors.
Financial terms weren't disclosed.
EQT IX has a target fund size of 14.75 billion euros ($17.46 billion) with a hard cap for investor commitments of EUR15 billion, it said.
With this transaction, EQT IX is expected to be 15%-20% invested, based on its target fund size, EQT added.
The deal is expected to close by year end.
Write to Dominic Chopping at email@example.com
(END) Dow Jones Newswires