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IFS signs deal to buy Copperleaf Technologies in agreement valued at $1 billion

The logo for Copperleaf Technologies Inc. is shown in this undated handout photo. THE CANADIAN PRESS/HO - Copperleaf Technologies Inc.

VANCOUVER — Copperleaf Technologies Inc. has signed a deal to be acquired by IFS AB in an agreement valued at about $1 billion.

Under the deal announced before markets opened Tuesday, IFS will pay $12 per share for all of Copperleaf's issued and outstanding common shares.

Copperleaf shares rose $1.72 or 16.95 per cent to close at $11.87 on Tuesday on the Toronto Stock Exchange.

Vancouver-based Copperleaf specializes in AI-powered asset investment planning and management software for businesses.

The company says IFS is committed to developing and investing in Copperleaf's capabilities in Vancouver and expects that those teams will remain central to the future strategy of the combined organization.

The company expects the deal, which requires shareholder approval, to close in the third quarter of this year.

This report by The Canadian Press was first published June 11, 2024.

Companies in this story: (TSX:CPLF)

The Canadian Press

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