IFS reports 33% software revenue growth for 2023

IFS, the global cloud enterprise software company, has released its financial results for the full year ending December 31, 2023. The company posted exceptional results with software revenue growth at 33% year-on-year and cloud revenue up 46% as new and existing customers accelerate the move to IFS Cloud, a market-leading single-cloud platform, allowing customers to access the latest industrial AI capabilities most critical to their focus industries. IFS is consistently recognised internationally as a market leader in FSM, EAM, ERP and ESM. 2023 continued to see the unfolding of unpredictable economical and geo-political disruption. Despite this, the IFS strategy to stay focused on its core industries and to extend its industrial AI capabilities with IFS.ai, have yielded very strong results in all regions, leading to another year of strong double-digit revenue growth for the company. The results, which continue to outperform the market, point to the company's agility, scale and ability to execute globally for its customers.

IFS product innovation in IFS Cloud and the inherent IFS.ai capabilities are in demand from existing customers and has attracted a large number of new customers choosing IFS over industry peers. Long standing customers such as Cimcorp as well as new customers such as Tele 2, Mattr, NOTE AB, Havfram, Van Oord, TÜV NORD and Stannah Lifts are turning to IFS as their long-term partner to transform their business models, improve resilience, increase operating efficiency and deliver competitive advantage across their people, assets, and services.

IFS CEO Mark Moffat commented: “This time last year we reported five years of strong consecutive double-digit growth. I am hugely proud that the IFS team has continued this trend and also delivered an outstanding 2023. We will shortly reach a very significant landmark for IFS with US$1bn ARR representing a strong vote of trust from our customers.” Moffat added: “Our core IFS value of being customer obsessed is paying off and with IFS.ai we are creating further productivity and automation opportunities for them while adding a critically important dimension to our proposition. We have delivered AI capabilities to our customers for a number of years now and with IFS.ai we are driving AI across all our products effectively democratising AI for all of our customers' users.”