IFS AB
TypePrivate[1]
IndustryEnterprise software
GenreERP, EAM, and Field Service Management.
Founded1983 (1983)
Headquarters
Linköping
,
Sweden
Area served
Worldwide
Key people
Mark Moffat (CEO)
RevenueIncrease SEK 3.7 billion (2022)[2]
OwnerEQT,[3] TA, Hg
Number of employees
5,500 (2023)
WebsiteIFS.com

IFS AB (Industrial and Financial Systems) is a multinational enterprise software company headquartered in Linköping, Sweden. The company develops and delivers AI driven enterprise cloud software for companies worldwide who want to differentiate on service. IFS has over 5,500 employees in more than 80 countries [4][5]

History

Early years (1983–1996)

IFS was founded in 1983 in Sweden and launched its first software product IFS Maintenance in 1985.[6] Five years later the complete product suite known as IFS Applications was launched.[7] In the next several years saw IFS expanding its presence in the Scandinavian region with the establishment of offices in Norway, Finland, Denmark and then expanding outside Scandinavia into Poland. 1993, saw IFS introduced its first graphical user interface and expanded to Malaysia. In 1995, it expanded to North America.

Expansions (1996–2015)

In 1996, IFS was listed in the Swedish stock exchange and the product was made into a component based one. This was followed with the launch of its web client and its establishment of an RnD center in Colombo. In 2001, IFS introduced Java-based mobile clients and Internet portals. In 2004, NEC acquired a 7.7% of IFS share capital. By 2005, IFS Applications had more than 500,000 users. In 2008, IFS launched its new GUI and began several acquisitions.[8]

Investment by EQT (2015–)

In 2015, IFS had reached more than one million global users and was acquired by EQT, a Swedish private equity group. IFS released its most recent ERP system, IFS Applications 10, in 2018 – the same year that Darren Roos was appointed as CEO,[9] followed by IFS Field Service Management 6 in 2019.[10][11]

In July 2020, the EQT VII fund sold IFS AB to the successor funds EQT VIII and EQT IX, and global growth private equity firm, TA Associates, which became a minority partner at a transaction value in excess of US$3.3 million.[12] In March 2022, IFS announced that Hg, a leading software and services investor, would become a significant minority shareholder in IFS and WorkWave. Long-term investor EQT remains the majority shareholder, with Hg and TA Associates as significant minority shareholders. The transaction values IFS and WorkWave at $10 billion and sets both companies up to further grow their position as leading players in growing sectors.[13]

Operations

IFS is governed by the company’s Executive Management Team, providing leadership and direction from a global, operational perspective. Strategically, the company has a four region focus, led by members of the Executive Management Team. These focus areas are; Southern & Western Europe, Northern & Central Europe, Americas and APJME&A.

Acquisitions

Acquisition numberAcquired companyAcquisition dateSpecialtyCountry of originAcquisition costs
1 MultiPlus Solutions 2009[14] Project-based ERP solutions Norway
2 360 Scheduling 2010[15] Scheduling engine United Kingdom
3 Metrix LLC 2012[16] Field Service Management United States
4 Mxi Technologies Ltd 2016[17] Integrated and intelligent maintenance management software solutions Canada
5 mplsystems Limited 2017[18] Omni-channel contact centre and customer engagement software United Kingdom
6 Field Service Management Limited 2017 Field Service Management solutions United Kingdom
7 WorkWave LLC 2017[19] Service management solutions United States
8 Astea International 2019[20] Field Service Management solutions United States
9 Clevest, Inc. 2020[21] Mobile Workforce Management solution Canada
10 Axios Systems 2021[22] Enterprise Service Management solution United Kingdom
11 Customerville 2021 Customer Experience (CX) provider United States
12 Ultimo Software Solutions 2022[23] Enterprise Asset Management (EAM) Netherlands
13 Poka, Inc. 2023[24] Connected Worker Platform Canada
14 Falkonry, Inc. 2023[25] Industrial AI United States

Philanthropy

In 2015, IFS initiated the IFS Education Programme, focusing on getting more students to study beyond elementary school and to highlight the importance of STEM subjects. Partnerships with schools were based around lectures and teaching by IFS staff, donation of computer equipment, financial support through scholarships and grants, and free IFS software. In 2018, over 90 universities were part of the IFS Education Programme.[26] IFS offers its employees one CSR day per year to use to volunteer in their local communities. In 2019, IFS employees volunteered 4624 hours of their time. Having been present in Sri Lanka for over 20 years, The IFS Foundation[note 1] was created by IFS employees to give back to rural villages in Sri Lanka by improving living conditions. The trustees of the IFS Foundation have indicated that they plan to address healthcare, sanitation, education, access to clean water, and rural poverty. Key projects in 2019, focused on the provision of sanitation facilities, tube wells, and improvements to the local school.[27][28][29]

Accolades

IFS was selected winner of the European Digital Technology Award, out of 150,000 businesses from over 33 countries, in the 2019 European Business Awards 2019.[30] In 2020, its CEO Darren Roos was awarded the ‘CEO of the Year 2020’[31] and IFS won bronze in the Transform Awards 2020.[32] IFS received a 5-Star rating from CRN®, a brand of The Channel Company, in its 2020 Partner Program Guide.[33] The company has received the CSR Excellence Award for the IFS Education program alongside the CSR Award, both in 2019.[34]

See also

Notes

  1. ↑ The IFS Foundation is an independent organization seeking registration and organization in Sri Lanka and other jurisdictions. Content regarding the IFS Foundation is approved by officers of the IFS Foundation. IFS AB and its subsidiaries are not responsible and accept no liability for the IFS Foundation and content regarding it.

References

  1. ↑ "Ifs - Eqt". Archived from the original on 2018-04-21. Retrieved 2019-01-09.
  2. ↑ "Financial summary". ifs.com. IFS AB. Retrieved 18 August 2022.
  3. ↑ "IFS - EQT". eqtpartners.com. Archived from the original on 2018-04-21. Retrieved 2019-01-09.
  4. ↑ "About Us - IFS". www.ifs.com. Retrieved 2023-11-26.
  5. ↑ IFS on BBC: Environment aware: How business can be green
  6. ↑ "Småföretagarby: Studentkorridor var starten. I dag är IFS en av världens största leverantörer av administrativa rutiner". DN.SE (in Swedish). 1998-10-19. Retrieved 2022-06-24.
  7. ↑ ""IFS Applications 9". www.ifsworld.com. Arkiverad från originalet den 1 juni 2015. Läst 1 juni 2015". Archived from the original on 2015-06-01. Retrieved 2022-06-24.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  8. ↑ "Acquisition of 360 Scheduling". Archived from the original on 2015-10-09. Retrieved 2011-07-27.
  9. ↑ "IFS Acquires 360 Scheduling". Retrieved 2019-03-18.
  10. ↑ "EQT-owned IFS appoints Darren Roos as new CEO". Reuters. 5 March 2018. Retrieved 2019-03-18.
  11. ↑ "ERP and MRO Management Software for the Aviation Industry". Retrieved 2019-03-18.
  12. ↑ "EQT funds to acquire global enterprise software provider IFS and bring in TA Associates as minority partner". www.ifs.com. Retrieved 2020-09-08.
  13. ↑ "EQT Private Equity and TA to welcome Hg as a significant minority partner in IFS and WorkWave at a USD 10bn valuation". prnewswire.com (Press release). Retrieved 18 August 2022.
  14. ↑ "IFS Acquires Multiplus Solutions". Retrieved 2019-03-18.
  15. ↑ "IFS Acquires 360 Scheduling". Retrieved 2019-03-18.
  16. ↑ "Metrix Acquisition". Archived from the original on 2012-10-10. Retrieved 2013-09-08.
  17. ↑ "IFS Acquires Mxi Technologies". Retrieved 2019-03-18.
  18. ↑ Brooks, Steve (3 August 2017). "IFS doubles down on FSM -". Enterprise Times. Archived from the original on 2018-12-29. Retrieved 2019-01-09.
  19. ↑ "EQT-owned IFS buys U.S. WorkWave in its biggest acquisition ever". Reuters. 28 September 2017 – via www.reuters.com.
  20. ↑ "IFS completes acquisition of global FSM software provider ASTEA INTERNATIONAL". IFS. 11 December 2019. Archived from the original on 15 July 2020. Retrieved 30 January 2020 – via www.ifs.com.
  21. ↑ "IFS acquires Clevest". IFS. 2 November 2020 – via www.ifs.com.
  22. ↑ "IFS acquires Axios Systems". IFS. 22 March 2021 – via www.ifs.com.
  23. ↑ "IFS acquires ULTIMO". IFS. 5 July 2022. Archived from the original on 2022-07-16. Retrieved 2022-07-16 – via www.ifs.com.
  24. ↑ "IFS Acquires Poka". IFS. 20 June 2022. Archived from the original on 2023-09-03. Retrieved 2023-09-03 – via www.ifs.com.
  25. ↑ "IFS to acquire Falkonry AI". IFS. 31 August 2022. Archived from the original on 2023-09-03. Retrieved 2023-09-03 – via www.ifs.com.
  26. ↑ "IFS Launches Global Education Program with over 80 Universities". businesswire.com. Business Wire. 27 October 2016. Retrieved 8 October 2020.
  27. ↑ Sakalasooriya, Indika (8 November 2019). "Global ERP player IFS says investing more in Sri Lanka". Wijeya Newspapers Ltd. Daily Mirror. Retrieved 8 October 2020.
  28. ↑ "Sri Lanka is the base for our global development in next few years: IFS". Wijiya Newspapers Ltd. Daily Mirror. 17 December 2019. Retrieved 8 October 2020.
  29. ↑ "Video: IFS Providing Water in Rural Sri Lanka". IFS.com. IFS. Retrieved 8 October 2020.
  30. ↑ "IFS NAMED WINNER IN FINAL OF THE EUROPEAN BUSINESS AWARDS 2019". ifs.com. IFS AB. Retrieved 5 November 2020.
  31. ↑ "2020 CEO and Leadership Award Winners". techascensionawards.com/. Tech Ascension Awards. Retrieved 5 November 2020.
  32. ↑ "Winners celebrated at 2020 Transform Awards Europe". transformmagazine.net. Transform Magazine. 3 March 2020. Retrieved 5 November 2020.
  33. ↑ "2020 Partner Program Guide". crn.com. Retrieved 5 November 2020.
  34. ↑ "OUR CORPORATE SOCIAL RESPONSIBILITY EFFORTS". ifs.com. IFS AB. Retrieved 5 November 2020.
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