News from the Vintage Altaroc Companies

IFS Triples Its Artificial Intelligence Sales in Nine Months

In nine months, IFS sold three times as many industrial artificial intelligence solutions as it did in all of 2025. The Swedish industrial software giant, which received co-investment in Vintage FPCI Altaroc Odyssey 2022, helps companies manage their equipment, factories, and maintenance teams. Its customers are no longer just testing AI—they are adopting it on a large scale. In the third quarter, Tesco, the UK’s leading retailer, the South American airline LATAM Airlines, and Mitsubishi Electric selected IFS to manage the maintenance of their equipment and aircraft, their field operations, and their production. More than 100 customers have also signed up to test IFS Intelligence, which allows tasks to be assigned to AI agents. As of [DH1] October 22, 2026, IFS’s annual recurring revenue exceeded 1.3 billion euros, up 24% year-over-year.

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Cary Group's Sales Up 25% in the Third Quarter

In the third quarter of 2026, Cary Group ’s sales rose by 25%, and its operating income (profit from operations, before taxes and financial expenses) increased by 32%. Featured in the Vintage FPCI Altaroc Odyssey 2021, the Swedish group repairs or replaces nearly one million windshields each year at its 1,500 service centers across 13 European countries. Over the past twelve months, its revenue has reached nearly 820 million euros (up XX%). To expand across the continent, the group is also acquiring local networks, such as the French company 123 Pare-Brise and its 130 centers. Its 4,500 employees prioritize repair over replacement, and windshields that cannot be repaired are recycled into bottles, jars, or construction materials.

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Visma Surpasses 3 Billion Euros in Annual Recurring Revenue

2.9 million customers in Europe and Latin America now use Visma’s software, a 28% increase from a year ago. The Norwegian business software giant (accounting, invoicing, payroll), which is a co-investor in the Vintage FPCI Altaroc Odyssey 2023, has seen its annual recurring revenue exceed 3.1 billion euros, up 17%. At the same time, the company has just increased its stake in Pathway Solutions—a Hamburg-based firm that automates accounting for online sellers—from 33% to 78%. Pathway Solutions retrieves sellers’ sales and payment data from platforms such as Amazon, Shopify, and TikTok Shop and transmits it directly to their accountants. Since Visma acquired a stake in the company in 2024, the number of accounting firms using its services has tripled, exceeding 1,000 in Germany and Austria. Visma plans to take full control of the company in 2027.

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Azuria Water Solutions Announces a New Acquisition

With more than twenty acquisitions since 2022— Azuria Water Solutions, featured in the Vintage FPCI Altaroc Odyssey 2023—is scaling up rapidly. The U.S.-based water management specialist is addressing a massive need: according to the U.S. Environmental Protection Agency, the United States will need to invest $625 billion over the next twenty years to modernize its drinking water systems. Based in Missouri, Azuria renovates more than 1,600 kilometers of pipes from the inside each year—without digging up roads—and operates water treatment plants on behalf of municipalities. In April, its merger with Inframark, a specialist in managing these facilities, created a group with 7,000 employees and more than $2.5 billion in revenue. Its latest acquisition is Infrastructure Alternatives, which manages drinking water and wastewater treatment plants in Michigan and Wisconsin. It also brings valuable expertise: helping municipalities secure public grants to finance their projects.

Consor is expanding its teams in Texas

180 engineers, technicians, and inspectors from Texas are joining Consor following the acquisition of Beyond Engineering & Testing. Operating in the following states— Vintage ,FPCI , Altaroc , Odyssey , and 2023—the North American engineering firm and its 1,800 employees design, inspect, and oversee roads, bridges, and water systems on behalf of states, cities, and public utilities in both the United States and Canada. Beyond provides it with essential on-site expertise: geotechnical engineering (the study of soil to ensure it can support the structure) and materials testing (verifying the strength of concrete or asphalt poured on site), through four offices in Round Rock, Carrollton, Midland, and Lubbock. Consor is stepping up its acquisitions: since August, the company has also acquired Peterson Structural Engineers, a specialist in water infrastructure, and ConeLabs, which inspects bridges and roads using 3D models analyzed by artificial intelligence.