EQT is weighing a possible sale of its stake in Thinkproject, as private equity investors continue to test exit opportunities for scaled SaaS assets despite a slower deal environment, according to Bloomberg.

The firm is working with Arma Partners to assess buyer appetite for the construction-focused software provider. A deal could value Thinkproject at up to €1.5bn, or roughly $1.8bn, although there is no certainty a transaction will proceed.

EQT acquired Thinkproject from TA in 2020 and has overseen its expansion across infrastructure, utilities, and industrial end markets. The company provides software used to manage costs, contracts, assets, and workflows, and counts more than 3,000 customers globally.

SaaS businesses remain attractive to private equity due to recurring revenue and high customer retention, even as valuation expectations have moderated since the peak of the market. 

An exit would mark another test of sponsor appetite for large European software assets in 2026.

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