Recurring revenues are up 41 percent year on year for IFS according to its 2020 Q3 financial results which reveal continued growth in cloud and service management software. Recurring revenue now represents 82 percent of IFS’ overall software revenue.
The latest financial results also reveal a 12 percent increase in net revenue to $544m in comparison with 2019 Q3 – with cloud revenues also up by 59 percent. Service management license revenue also grew, increasing 86 percent.
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.
Darren Roos, IFS chief executive officer, said: “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 realised at the moment of service. Organisations are transforming their businesses around this and IFS is uniquely positioned to capitalise on this groundswell of opportunity. Our customer base continues to expand as we help more businesses grow, create value and improve delivery quality.”
