The offer of industrial assets and services stimulates momentum with significant customer gains

Posted: October 26, 2021 at 5:14 am EDT|Update: 24 minutes ago

LONDON, October 26, 2021 / PRNewswire / – IFS, the global cloud-based business applications company, today announced its third quarter 2021 (YTD) cumulative financial results, ending September 30, 2021.

Rising customer demand for IFS in the cloud was behind the strong performance in the third quarter, with cloud revenue up 104% year over year (YoY). With this in mind, recurring revenue now constitutes 81% of software revenue, an increase of 19% year-on-year.

With customers achieving faster time to value thanks to enhanced deployment capabilities of IFS Cloud ™, as well as more partners implementing IFS solutions, the contribution of software revenue now represents 72% of revenue. total IFS business, up 17% year-on-year.

Improvements against all major KPIs demonstrate IFS’s continued growth as well as an impressive revenue mix that offers consistency and predictability. Combining this with IFS’s differentiated proposition for companies managing asset and service needs, offers a headwind for a strong year-end.

In the third quarter, IFS also expanded its offering with the acquisition of Customerville. Customerville is an award-winning feedback platform that elevates feedback and listening throughout the customer journey with its unique design-driven approach. It empowers businesses to better understand their customers, solve problems, and uncover new opportunities so they can ultimately deliver Amazing Moments of Service ™.

A testament to IFS’s leadership in service management is Gartner’s recognition for naming IFS a leader, for the sixth consecutive time, in the Magic Quadrant for Field Service Management. In the third quarter, IFS also won tenders with its industrial assets and services proposal, adding one of the world’s largest packaging and one of the world’s largest telecommunications companies as customers.

Commenting on the results, Darren roos, CEO of IFS, said: “At its core, IFS is a technology-driven software company and the investments we have – and continue to make – in the IFS Cloud platform and our customer-centric services translate into these excellent results. the growth in software revenue is a testament to our ability to attract new customers, but also to our commitment to our current customers whose continued success is of paramount importance to us. asset and service capacities, which continues to create a positive dynamic. “

IFS Financial Director, Constance Minc, added: “It is extremely impressive for a company of our size to grow at such a rate, while building the resilience and consistency of our revenue mix. we are going to close the year. “

Summary of Q3 2021 YTD Financial Highlights:

  • Software revenue was 3.4 billion Swedish kronor, an increase of 17% over one year
  • Recurring revenues have been 2.75 billion Swedish kronor, an increase of 19% over one year and representing 81% of software revenue
  • Cloud revenue grew 104% year-over-year, accounting for over 29% of software revenue

* Note: All figures are in Swedish kronor and expressed in constant currencies.

In line with the establishment of WorkWave as a stand-alone company at the end of Q2 2021, the performance reported above excludes WorkWave’s contribution to the IFS Group. Performance, including WorkWave, has seen software revenue increase 24% year-to-date. The IFS Group is on track to achieve US $ 1 billion turnover in 2021.

CONTACT:

IFS Press Contact Details:

MEA & APJ: Adam Gillbe
Business communication
Email: [email protected]
Telephone: +44 7775 114 856

United States: Mairi Drysdale
Business communication
Email: [email protected]
Telephone: +1 520 396 2155

Europe: Marie-Christin Hansen
Business communication
Email: [email protected]
Telephone: +44 755 306 1878

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