Engineering firm Stantec (STN) - Get Reporthas agreed to sell water management software specialist Innovyze for $270 million to the EQT Mid Market Fund.

Innovyze creates what it calls smart water solutions, including programs that monitor water maintenance, assess hydraulic capacity and provide catastrophic main break modeling. The company provides engineering services in the U.S. as well as other locations such as Asia and the U.K.

Stantec provides engineering and strategic planning services comprising construction activities including roads, airports, government facilities, energy and mining installations.

EQT works in the natural gas industry to develop optimal horizontal drilling strategies and resource storage facilities. EQT focuses on equity investments between €40 million ($43.25 million) and €75 million in Northern Europe and between €40 million and €100 million in Greater China and Southeast Asia.

EQT has committed some $1 billion in capital to development projects. Portfolio companies include Finald's Musti ja Mirri, Denmark's TIA Technology, Germany's E.I.S. Aircraft and China's Dataflow.

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"Joining forces with EQT will help us further enhance our technology innovation and talent pool to even better serve our fast growing customer base," Innovyze chairman and CEO Paul Boulos said in a Tuesday,March 21 statement. "This is an ideal match of culture and technology, and a great win for the critical water and wastewater industry."

Robert W. Baird's Chase Sanders served as exclusive financial adviser.

A Paul, Weiss, Rifkind, Wharton & Garrison team including partner Adam Givertz and associate Rosita Lee counseled Stantec on the transaction. The firm also advised Stantec in 2016 when it purchased MWH Global for $793 million.

Milbank, Tweed, Hadley & McCloy partner Brien Wassner advised on this transaction. 

Wassner earlier advised  EQT in 2015 when it acquired FocusVision WorldWide from Thompson Street Capital Partners and last September when it agreed to buy XP Solutions from Cardno.