London: IFS, the global enterprise applications company, today announced its financial results for the first half of 2020 that ended June 30, 2020.The results validate IFS’s business strategy, whichdelivered a26% growth in software revenue.
In the midst of the most unpredictable market conditions in modern history, IFSshowed remarkable resilience. The company took quick action to adapt its business operationsto protect its employees, serve its customers with the best solutions in the market and attract new brands to its roster. IFS, includingAlfa Laval, Amentum, BRITA, Carlsberg and Panasonic.These businesses are among thegrowing majority of companies who understand the urgency to digitally transform leveraging service.
IFS Chief Executive Officer Darren Roos commented “Our focus remains on delivering value to our customers and never before has this mission been more critical to their survival. Our close collaboration with our partners has ensured we remain relevant, which is reflected in our results. Our recent announcement about EQT and TA Associates’ ownership is a real endorsement of our strategy and our enormous potential to continue to capture market share.”
IFS Chief Financial Officer, Constance Minc added, “Our netrevenue growth of 16% and combined with our ongoing margin expansionreally highlights the quality of the business. We see recurring revenue is now at 80% of the total software revenues.”
Financial and Operational Highlights for H1 2020:
- Net revenue was3,482 million SEK (US $360 million), an increase of 16% versus H1 2019
- Cloud revenue increased 56% versus H1 2019
- Gross margin improved 19%
Earlier this month, IFS was recognized as a Leaderin the 2020 Gartner Magic Quadrant for Field Service Management1,a designation the company has enjoyed 5 times running.In June, IFS placed as a Visionary in the 2020 Gartner Magic Quadrant for Cloud ERP for Product-Centric Enterprises2. Also earlier this year, Gartner Peer Insightsnamed IFS a Customers’ Choice recipient for its Enterprise Asset Management solutions3.IDC has recognized IFS as a Leader in its 2020 MarketScapefor SaaS and Cloud-Enabled Large Enterprise ERP Applications4, a Leader in its 2019 MarketScape for SaaS and Cloud-Enabled EAM Applications5, and also a Leader in its 2019 MarketScape for Manufacturing FSM Applications6.Continued recognition and validation from respected third-party industry experts confirm IFS’s prominent market position as it looks to expand its market reach further in 2H 2020