IFS marks double digit-growth for 5th consecutive year

IFS today announced its financial results for the full year ending December 31, 2022. The company posted exceptional results with software revenue growth at 28 percent year-on-year and cloud revenue growth up 80 percent as existing customers and new customers switch to IFS Cloud.

The 2022 results mark the fifth consecutive year IFS has secured strong double-digit revenue growth, demonstrating unparalleled robustness in its strategy and ability to execute globally. Throughout 2022, cloud and digital technology remained high on companies’ agendas and IFS customers sought to build operational agility and leverage innovation to build competitive advantage.

Since its initial release, IFS Cloud continues to deliver value with an Evergreen model. The twice-yearly release cycle has become an integral part of business as usual with customers adopting regular updates and negating the need for costly upgrades. New customers are experiencing considerably faster time to value with IFS, at an average of 9.5 months from contract to value.

Some of the key milestones for IFS in 2022 included:

IFS launched its Partner Success program in Q1 to further underpin and accelerate its partner strategy.
In March 2022, HG Capital became a significant minority investor in a transaction valuing IFS & WorkWave at $10bn.
In April 2022, IFS launched Arcwide, a joint venture with BearingPoint designed to accelerate the pace of IFS Cloud deployments.
IFS retained its leadership positions across core product categories with continued recognition by analyst’s firms*.
In July 2022, IFS acquired EAM Software solutions provider Ultimo Software Solutions.
IFS secured awards** for individual leadership, as well as its products, its innovations and customer experience.
In September, IFS signed an agreement to sponsor the London Cable Cars, as part of a brand activation campaign.
IFS Unleashed, the rebranded global IFS community event for prospects, customers and partners, took place in October with over 2,500 in-person attendees and thousands more online.

IFS CEO Darren Roos commented: “For IFS, 2022 was a year characterised by acceleration. We increased our headcount to over 5,900 employees, reached a significant landmark in revenue at $1bn and outpaced our competitors by delivering double-digit growth for the 5^th consecutive year.” Roos added: “Quarter after quarter, our leadership in capabilities and in time to value enabled us to build on our performance.” Roos concluded: “2023 will be an exciting year as we continue to bring together our employees, our partners and our products and industry expertise across FSM, EAM, and ERP so that our customers can create value faster and deliver their best to their customers when it matters most, at the Moment of Service.”

IFS Chief Financial Officer, Constance Minc, added, “In 2022, IFS has shown resilience and consistency; despite the macroeconomic headwinds we have accelerated our growth across our key metrics for the group. Growing our cloud revenue at 80 percent year-on-year and our annual recurring revenue at 57 percent year-on-year in challenging market conditions demonstrates a level of robustness and reliability that’s a testament to our relevance and customer focus”.

Throughout the year, IFS has continued to nurture its customer-first culture by strengthening its service organisation and its partner ecosystem, as well as maintaining an active involvement in the work delivered by the IFS Foundation in Sri Lanka, a nation that is home to over 2,200 IFS employees.

Financial and Operational Highlights* for FY 2022, growth YoY: