- Annual recurring revenue increases 38% year-over-year
- Cloud revenue grows 104% over 2021 Q3 YTD
- Third Consecutive High Performance Quarter Consolidates IFS Leadership in Core Capabilities
LONDON, October 27, 2022 /PRNewswire/ — IFS, the global cloud enterprise software company, today reported financial results for the third quarter of this year (YTD) September 30, 2022. IFS posted strong financial performance with an annual recurring revenue (ARR) increase of 38% year-on-year (YOY) and cloud revenue growth of 104% vs. 3rd quarter cumulative 2021. The company attributes its continued success to its dogmatic commitment to delivering a frictionless experience for its customers and a product strategy that meets real market demand, and delivers the capabilities that business leaders are looking for today to mitigate risk, and tomorrow to future-proof their business. .
IFS also recorded a 26% increase in software revenue compared to Q3 YTD 2021: the increase in bookings was driven by a combination of new customer names accounting for 44% of new ACVs, and existing customers moving to IFS Cloud at an accelerated pace with the IFS Momentum upgrade program.
The company’s ability to differentiate itself by delivering integrated innovations such as AI, ML, IoT, automation and advanced analytics in ERP, EAM and FSM in a composable way means that enterprises have real choice when it comes to their business and digital transformation requirements and the pace at which they execute this, without having to compromise on functionality; a value proposition that resonates in the company’s target industries.
These differentiators have also earned IFS unparalleled recognition from leading analyst firms such as IDC, Gartner and Forrester over the years. Most recently, IFS was ranked #1, according to Gartner’s “Global EAM Market Share 2021 by Revenue” report, and named “A Leader for the seventh consecutive time in the 2022 Gartner Magic Quadrant for Field Service Management.” The company was also named “IDC MarketScape Leader for Global SaaS and Cloud-Based Manufacturing ERP” for 2022.
Additionally, IFS was also named Gartner Peer Insight Customers’ Choice for EAM in 2022. These accolades demonstrate IFS’s commitment to helping customers achieve their business goals and the fact that IFS Cloud and the Success Services of ‘IFS are more relevant than ever.
Darren RoosCEO of IFS, commented“Our compelling proposition and sincere commitment to our customers continue to serve us to drive the growth of IFS. We are uniquely positioned in the industry with the best asset and service management capabilities.” Roos continued: “We are seeing more and more companies recognize that the ability to orchestrate their assets, people and customers on a single, composable platform across EAM, FSM and ERP helps them deliver incredible moments of service to their customers. It’s a real differentiator.” Roos concluded“I am grateful to our extended team of partners and employees for staying true to our commitment to add value and to continue to innovate and deliver the best to all of our customers when it matters most to them.”
Slim ConstancyChief Financial Officer of IFS, said“Our performance in the first nine months of this year has been exceptional. ARR increased by 38% compared to the third quarter of 2021. This demonstrates the health and resilience of our business.” Minc added: “Over the past few years, we have transformed our revenue model, which is not just a business but relies on the industry-leading capabilities of IFS Cloud, our teams have remained focused on quarter-over-quarter delivery, and These latest results are proof of that.”
Following the acquisition of Ultimo, now rebranded as IFS Ultimo, IFS further expanded its EAM market share. IFS Ultimo is a flexible, easy-to-deploy EAM solution aimed at companies looking for a state-of-the-art point solution for asset management.
Additionally, in Q3, IFS was proud to announce the winners of its 2022 Change for Good Awards. Now in its second year, the awards recognize and celebrate excellence in sustainability across the entire IFS ecosystem. Winners included Volvo Group, Technogroup, Cape Air and Tucson Electric Power. The initiative was complemented in October with a new ESG feature launched in the latest version of IFS Cloud.
Financial and Operational Highlights for Q3 2022 YTD (January-September 2022):
- Recurring annual income 5.0 billion Swedish crownsan increase of 38% year-on-year
- Third-quarter 2022 software revenue 4.5 billion Swedish crownsan increase of 26% compared to Q3 YTD 2021
- Recurring revenue for the 3rd quarter of 2022 SEK 4.2 billionan increase of 46% compared to Q3 YTD 2021
- Q3 2022 cloud revenue increased 104% from Q3 2021
*Note: All figures are based on Swedish Krona and reported in constant currency. The cloud includes the entire IFS Cloud (including IFS Cloud Remote) and the cloud deployment of other products.
Consistent with WorkWave’s establishment as a stand-alone business at the end of Q2 2021, the performance reported above excludes WorkWave’s contribution to the IFS Group.
Learn more at www.ifs.com/corp/company/financial-results
About IFS:
IFS develops and delivers cloud-based enterprise software for companies around the world that manufacture and distribute goods, build and maintain assets, and run service-oriented operations. Within our single platform, our industry-specific products are inherently connected to a single data model and use embedded digital innovation so our customers can perform at their best when it really matters to them. their customers – at the Moment of Service™. The industry expertise of our people and our growing ecosystem, coupled with a commitment to delivering value at every step, has made IFS a recognized leader and the most recommended supplier in our industry. Our team of 5,000 employees lives our values of agility, reliability and collaboration every day in the way we support our more than 10,000 customers. Find out how our enterprise software solutions can help your business today at ifs.com.
Contact information
EUROPE / MEA / APJ: Adam Gillbe
IFS, director of corporate and executive communication
E-mail: [email protected]
Telephone: +44 7775 114 856
NORTH AMERICA / CANADA /LATAM: Mairi Morgan
IFS, director of corporate and executive communication
E-mail: [email protected]
Telephone: +1 520 396 2155
The following files are available for download:
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