IFM Investors, an investment firm run by Australian pension funds, announced that it acquired a majority stake in SaaS solutions provider Render Networks for approximately A$40 million ($27.5 million).
The firm made the acquisition through its private equity Growth Fund, which invests on behalf of institutional investors and targets investments in high-growth companies across the Australian technology, business services, and healthcare sectors.
The investment marks the second deal for IFM’s Growth Fund, according to the announcement. It earlier invested in Payapps, a Melbourne-based, global SaaS provider in the construction and building management sector with operations in Australia, New Zealand, North America, and Europe.
Headquartered in Melbourne and with operations in the US and the UK, Render provides software solutions for builders and operators of telecommunications, energy, and utility networks.
It leverages advanced algorithms and machine learning capabilities to design, plan, and track construction delivery across the project lifecycle.
The company was co-founded in 2013 by Dan Flemming, former head of construction at NBN Australia, and Joe Forbes of Biarri, a commercial mathematics incubator of B2B SaaS solutions.
“Our platform streamlines deployment end to end by replacing traditionally manual processes with a unique task-based, geospatial approach to work management,” Flemming said.
Its clients include fibre network utility operators Strata Networks, SpringNet, First Electric Cooperative in the US, and Wessex Internet in the UK. It also serves construction contractors and project managers such as Irby Utilities and The Broadband Group in the US.
Stuart Wardman-Browne, head of Private Equity at IMF Investors, said the investment will continue to help IFM deliver on its purpose to protect and grow the retirement savings of working people.
IFM Investments has A$180 billion assets under management as of December 31, 2021. It specialises in infrastructure investments around the world, as well as other alternative illiquid assets such as private equity and privately owned property and debt.