IFS has announced strong Q3 2021 financial results ending September 30, 2021. Driving performance in the third quarter was the increase in customer demand for IFS in the Cloud, with cloud revenue up 104 percent year on year. Recurring revenue now constitutes 81 percent of software revenue, representing a 19 percent increase.
With customers achieving faster time-to-value because of the improved deployment capabilities of IFS Cloud, as well as more partners implementing IFS solutions, the contribution of software revenue now represents 72 percent of IFS’s total revenue, up 17 percent year on year.
The improvements against every leading KPI demonstrate IFS’s continued growth as well as a revenue mix that is delivering consistency and predictability. Combining this with IFS’s differentiated proposition for companies managing asset and service needs, provides a headwind for strong end of year.
In Q3, IFS also added depth to its offering with the acquisition of Customerville, an award-winning feedback platform that elevates feedback and listening across the entire customer journey thanks to its unique design-driven approach. IFS also won competitive tenders with its industrial asset and service proposition during the quarter, adding one of the world’s largest packaging and one of the world’s largest telecoms companies as customers.
Commenting on the results, Darren Roos, CEO of IFS, said: “At heart, IFS is a technology-driven software company and the investments we have – and continue to make – into the IFS Cloud platform and our customer-facing services evidence themselves in these stellar results. The strong growth in software revenue is testament to us attracting new customers, but also in our commitment to our current customers, whose ongoing success is of paramount importance to us. I’m proud of the work that our team has done to create market differentiation with our industrial asset and service capabilities, which continues to create positive momentum.”
Constance Minc, CFO at IFS, added: “It is hugely impressive for a business of our size to be growing at such a pace, while at the same time building resilience and consistency into our revenue mix. We are continuing to deliver to plan which provides us full confidence in how we will close out the year.”