IFS posts sky-high results in Q3 with cloud revenue up 104%

IFS has seen exceptional results this quarter, reflecting a solid year with the third consecutive period of growth. The annual recurring revenue increased by 38 percent, with cloud revenue growing at a phenomenal 104 percent against the same quarter last year.

Constance Minc, CFO at IFS, said: “Our performance over the first nine months of this year has been exceptional. ARR has increased by 38 percent compared to Q3 2021. This demonstrates the health and resilience of our business.”

New customer names made up 44 percent of the new ACV and significant revenue was achieved with existing customer upgrades. In addition, the quarter saw IFS make substantial inroads into the EAM market with the acquisition of Ultimo, which provides solutions for asset management.

IFS has seen significant boosts to its cloud enterprise leadership this year with its ability to embed innovations such as AI, ML, IoT, automation and advanced analytics, driving real transformation capabilities for its customers.

October saw IFS launch their biggest-ever brand activation event with the IFS Cable Car, in a five-year sponsorship deal with Transport for London, taking over the air space from Emirates Airline and reflecting the strength of the tech firm.

In recognition of their products and services, IFS has scooped a number of major industry accolades in 2022, including the ERP Today ERP Vendor of the Year Award, Gartner Peer Insight Customers’ Choice for EAM, Gartner Magic Quadrant for Field Service Management and Leader in IDC MarketScape for Worldwide SaaS and Cloud-Enabled Manufacturing ERP.

Darren Roos, CEO of IFS, commented: “Our compelling proposition and genuine commitment to our customers continues to serve us well in driving growth for IFSWe are uniquely positioned in the industry with the best asset and service management capabilities.”