IFS has announced its financial results for the first half of 2021, showing an impressive 79 percent year-on-year increase in cloud revenue.
Software revenue was SEK 2.6bn (approx £218m), an increase of 20 percent year-on-year, whilst recurring revenue was up 27 percent year-on-year at SEK 2bn, representing more than 80 percent of software revenue.
The proportion of license revenues from net new customers came in at 54 percent of the overall total.
Darren Roos, IFS CEO, said: “IFS is a technology led company with the single goal to make the latest technology advancements available to our customers in a way that creates value fast, has a low total cost of ownership, and is easy to consume and use. H1 is evidence that our strategy to focus on this and to build agility into our product operations, so customers can respond to the market fast is working. Customers can see the difference in what IFS is doing, and that ensuring their success is why we do what we do. They also see that very few other vendors offer flexibility in deployment, depth in product and powerful technology while shaping their business around customer experience. Delivering our Moment of Service to our customers is a very real mission for IFS, and the sharp rise in cloud adoption is testimony to that.”
Constance Minc, IFS CFO, said: “I believe our H1 performance is evidence of a strong and successful strategy. We are delivering double digit software revenue growth at 20 percent and our share of software revenue and recurring revenue continue to increase, improving future performance predictability. The upward trend in our performance is not only present in the last six months, but over the long term as demonstrated by the double-digit growth in LTM software revenue for the past 3.5 years.”