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IFS AB

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IFS AB
Company typePrivate[1]
IndustryEnterprise software
Founded1983 (1983)
Headquarters
Linköping
,
Sweden
Area served
Worldwide
Key people
Mark Moffat (CEO)
ProductsIFS Cloud,
Enterprise resource planning,
Field Service Management,
Enterprise Asset Management,
Energy & Resources,
IFS Assyst (Enterprise Service Management),
Poka
RevenueIncrease EUR 1 billion (2023)[2]
OwnerEQT,[3] TA, Hg
Number of employees
7,000+ (2024)
WebsiteIFS.com

IFS AB (Industrial and Financial Systems) is a multinational enterprise software company headquartered in Linköping, Sweden. IFS has over 7,000 employees in more than 80 countries.[4]

History

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Early years (1983–1996)

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IFS was founded in 1983 in Sweden and launched its first software product IFS Maintenance in 1985.[5] Five years later the complete product suite known as IFS Applications was launched.[6] 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)

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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.[7]

Investment by EQT (2015–)

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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,[8] followed by IFS Field Service Management 6 in 2019.[9][10]

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.[11] 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.[12]

Operations

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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

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Acquisition number Acquired company Acquisition date Specialty Country of origin Acquisition costs
1 MultiPlus Solutions 2009[13] Project-based ERP Norway
2 360 Scheduling 2010[14] Scheduling engine United Kingdom
3 Metrix LLC 2012[15] Field Service Management United States
4 Mxi Technologies Ltd 2016[16] Integrated and intelligent maintenance management software Canada
5 mplsystems Limited 2017[17] Omni-channel contact centre and customer engagement software United Kingdom
6 Field Service Management Limited 2017 Field Service Management United Kingdom
7 WorkWave LLC 2017[18] Service management United States
8 Astea International 2019[19] Field Service Management United States
9 Clevest, Inc. 2020[20] Mobile Workforce Management Canada
10 Axios Systems 2021[21] Enterprise Service Management United Kingdom
11 Customerville 2021 Customer Experience (CX) provider United States
12 Ultimo Software Solutions 2022[22] Enterprise Asset Management (EAM) Netherlands
13 P2 Energy Solutions 2022[23] Energy and Resources Software United States
14 Poka, Inc. 2023[24] Connected Worker Platform Canada
15 Falkonry, Inc. 2023[25] Industrial AI United States
16 Copperleaf Technologies Inc. 2024[26] Asset Investment Planning and Management Canada
16 EmpowerMX 2024[27] Aviation Maintenance Software United States

See also

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References

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  1. ^ "Ifs - Eqt". Archived from the original on 2018-04-21. Retrieved 2019-01-09.
  2. ^ "IFS reports industry leading results with 33% software revenue growth for 2023". ifs.com. IFS AB. Retrieved 30 January 2024.
  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. ^ "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.
  6. ^ ""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)
  7. ^ "Acquisition of 360 Scheduling". Archived from the original on 2015-10-09. Retrieved 2011-07-27.
  8. ^ "IFS Acquires 360 Scheduling". Retrieved 2019-03-18.[permanent dead link‍]
  9. ^ "EQT-owned IFS appoints Darren Roos as new CEO". Reuters. 5 March 2018. Retrieved 2019-03-18.
  10. ^ "ERP and MRO Management Software for the Aviation Industry". Retrieved 2019-03-18.
  11. ^ "EQT funds to acquire global enterprise software provider IFS and bring in TA Associates as minority partner". www.ifs.com. Retrieved 2020-09-08.[permanent dead link‍]
  12. ^ "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.
  13. ^ "IFS Acquires Multiplus Solutions". Retrieved 2019-03-18.[permanent dead link‍]
  14. ^ "IFS Acquires 360 Scheduling". Retrieved 2019-03-18.[permanent dead link‍]
  15. ^ "Metrix Acquisition". Archived from the original on 2012-10-10. Retrieved 2013-09-08.
  16. ^ "IFS Acquires Mxi Technologies". Archived from the original on 2019-12-06. Retrieved 2019-03-18.
  17. ^ Brooks, Steve (3 August 2017). "IFS doubles down on FSM -". Enterprise Times. Archived from the original on 2018-12-29. Retrieved 2019-01-09.
  18. ^ "EQT-owned IFS buys U.S. WorkWave in its biggest acquisition ever". Reuters. 28 September 2017 – via www.reuters.com.
  19. ^ "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.
  20. ^ "IFS acquires Clevest". IFS. 2 November 2020. Archived from the original on 6 February 2021. Retrieved 2 February 2021 – via www.ifs.com.
  21. ^ "IFS acquires Axios Systems". IFS. 22 March 2021. Archived from the original on 23 March 2021. Retrieved 31 March 2021 – via www.ifs.com.
  22. ^ "IFS acquires ULTIMO". IFS. 5 July 2022. Archived from the original on 2022-07-16. Retrieved 2022-07-16 – via www.ifs.com.
  23. ^ "P2 Energy Solutions is now IFS". www.ifs.com. Retrieved 2024-06-16.
  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 2023. Archived from the original on 2023-09-03. Retrieved 2023-09-03 – via www.ifs.com.
  26. ^ "IFS to acquire Copperleaf". IFS. 11 June 2024. Retrieved 2024-06-17 – via www.ifs.com.
  27. ^ "IFS Acquires EmpowerMX". IFS. 10 July 2024. Retrieved 2024-07-11 – via www.ifs.com.
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