IFS has announced its financial results for the first quarter to March of 2021. After a strong 2020, Q1 results point to a continuation of the growth trajectory across the entire business and specifically in recurring revenue, cloud revenue and service management revenue.
The company posted triple-digit growth of its service management business at 103%, and saw some milestones.
These include the launch of IFS Cloud, which was the most significant in the Company’s history. It brings IFS’s entire depth and breadth of functionality into a single platform. Deployable in a modular way, on-premises or in the cloud, it not only supports a composable enterprise but with digital innovation natively part of the product, it also accelerates digital transformation.
The acquisition of Axios Systems extends the Company’s enterprise service management proposition with IT Service Management (ITSM) and IT Operations Management (ITOM) functionality and creates new opportunities for IFS and Axios customers. The combination of IFS and Axios Systems is instrumental in extending IFS’s ambition to cement itself as the market leader in the service space.
The global launch of IFS’s Moment of Service positioning and new branding took place in February.
IFS CEO Darren Roos comments: “The launch of IFS Cloud in Q1 was the most important launch in company history. It was a milestone that delivers on our promise of helping customers create truly amazing moments of service. The impressive performance and growth of our cloud and service management business is evidence that customers value that we understand their needs and are delivering products that support their journey.” He added, “In addition to our organic growth, we are strengthening our proposition with the addition of Axios Systems to ensure we remain the de facto leader for companies that want to differentiate in how they deliver and profit from service.”
IFS chief financial officer, Constance Minc, adds: “I believe Q1 is representative of the recognition IFS is getting in the cloud software market. By continuing to deliver double-digit recurring revenue growth at 24% we are showing a consistent upward trend in our performance and in the quality of our revenue mix. With our cloud software revenue now representing 40% of our total software revenues and 50% of recurring revenue, IFS is hitting some very significant milestones.”