IFS's recurring revenues up 41 percent YoY for Q3 YTD, now representing 82 percent of the group's overall software revenue

LONDON, Oct. 22, 2020 /PRNewswire/ -- IFS, the global enterprise applications company, today announced its financial results for Q3 year-to-date of 2020, encompassing January-September. The financial highlights reveal a strong business that continues its trajectory of hyper growth in areas like cloud and service management software.

The company's commitment to advancing its service management technology is projected to deliver north of 100 percent year-on-year growth in service license software revenue by year-end. IFS's evolution into becoming the global service solutions vendor of choice is evidenced by a number of recent customer wins, as well as the launch of new software capabilities in its customer engagement offering.

"Whether a company manufactures medical equipment, operates large energy utilities or manages a complex infrastructure, in the eyes of their customer, success or failure is realized at the moment of service-the moment when it all comes together. Organizations are transforming their businesses around this, and IFS is uniquely positioned to capitalize on this groundswell of opportunity," IFS Chief Executive Officer Darren Roos said. "Our customer base continues to expand as we help more businesses grow, create value and improve delivery quality. IFS is the only vendor that can provide an integrated solution set across the customer's entire operation."

IFS Chief Financial Officer, Constance Minc added, "With our recurring revenues expanding by over 40 percent in the period and cloud revenues increasing by nearly 60 percent, we are seeing tremendous progress toward building more predictable, sustainable revenue streams against the backdrop of a volatile economic climate. This image is further enhanced by an impressive rise of 23 percent in global software revenue-as well as remarkable growth in service management and in the Americas region."

Financial and Operational Highlights for Q3 YTD 2020:       

• Net revenue was 5,111 million SEK (US $544 million), an increase of 12 percent versus Q3 YTD 2019
• Service management license revenue grew 86 percent versus Q3 YTD 2019
• Recurring revenue increased 41 percent versus Q3 YTD 2019
• Cloud revenue increased 59 percent versus Q3 YTD 2019

In the third quarter, IFS's industry focus continued to pay dividends, with the aerospace and defense (A&D) business unit not only welcoming aircraft manufacturer De Havilland Canada to the family, but also closing the largest-ever deal in the company's history with one of the sector's leading brands. In the construction and engineering space, IFS announced the agreement with French engineering company Ginger Group for the group-wide deployment of IFS enterprise applications supporting 2,000 staff in some 28 subsidiaries.

Note: revenue growth figures based on Swedish Krona YTD Jan-Sep 2020 versus YTD Jan-Sep 2019 and are reported in actual currency. 

CONTACT:

Lyndsey Rojas
IFS Global Communications
Phone: 1-216-339-9144
[email protected]

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SOURCE IFS