EC News DeskIFS, the global cloud enterprise software company, announced financial results for the full year ending December 31, 2021.
The company saw a 22% growth in software revenue in 2021, with cloud revenue going strong at a 105% increase year on year despite Covid-19 headwinds. Our ability to enable our customers to deliver outstanding Moments of Service quarter after quarter has been essential for IFS in achieving sustained growth over the last two years, with a 2020 to 2021 CAGR of 22% in software revenue and 36% in recurring revenue.
Across industries, companies evolved their business models by leveraging digital technologies and driving innovation into their services, outcomes and or products in a bid to differentiate and gain competitive advantage in uncertain times. The need for companies to build adaptability in their organizational set up, as well as agility in their responses to shifting customer and consumer demands became crystal clear.
IFS stayed true to its commitment to accelerate its customers’ time to value, and its unwavering industry focus has continued to deliver solutions that not only meet customers’ needs as they navigate their new business normal, but also enable them to proactively plan and transform for the medium and longer term.
Overall share of software revenue at 73% with cloud revenue growing at 105% year on year
Recurring revenue up 30% year on year
Service Management performance up 76% year on year
Some key milestones for IFS in 2021 included:
- In February: The company’s rebranding celebrated 30+ years of success brought together under the promise of always delivering great Moments of Service™. The launch itself was acclaimed and secured multiple awards**.
- In March: The launch of IFS Cloud™, a tech rich single cloud product with embedded digital innovation that delivers a clear path to Evergreen and a lower TCO. The product also earnt the company several awards***.
- In April: The launch of IFS’s sustainability strategy and pledge to become carbon neutral by 2025 as well as the appointment of Lewis Pugh as IFS’s sustainability ambassador.
- In June: The acquisition of ITSM and ITOM provider Axios Systems to extend the company’s service offering.
- In July: The acquisition of Customerville, already used by IFS in its Voice of the Customer program, and poised to help IFS customers deliver great Moments of Service™.
- In October: The company announced the winners of its first Change for Good Sustainablity Awards which saw over 35 global companies partake, as well as the launch of IFS Cloud’s latest release including the new sustainability module.
- In November: The launch of IFS assyst4 which brings digitised IT self-service to the entire organisation through a much-simplified enterprise pricing model.
IFS CEO Darren Roos commented: “Four consecutive years of double-digit growth is something the entire organization is hugely proud of, particularly in view of the challenging circumstances we’ve experienced since 2020. He added: “in 2021, our goal to help companies deliver their greatest Moments of Service™ also became a reality through our M&A strategy. We successfully integrated two companies into IFS and, since our acquisiton of Axios systems in June, have increased subscription bookings for IFS assyst by 236 percent compared to the same period in 2020.” Roos continued: “the numbers paint the picture of a strong and healthy business and I am particularly delighted that we are not compromising on any other metrics to achieve this level of sustained growth.”
IFS Chief Financial Officer, Constance Minc, commented: “The 2021 results are very important because they cement IFS’s impressive performance trajectory with another year of double-digit software revenue growth while continuing to expand our margins. Our comittment to lead the industry in customer satisfaction, growth and profitabiltiy is unchanged.”
Throughout the year, IFS has continued to nurture its customer-first culture by strengthening its service organization and its partner ecosystem as well as maintaining an active involvement in the work delivered by the IFS Foundation in Sri Lanka, a nation that is home to over 1,500 IFS employees.
