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IFS AB

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IFS AB
Company typePrivate[1]
IndustryEnterprise software
GenreERP, EAM, and Field Service Management.
Founded1983 (1983)
Headquarters
Linköping
,
Sweden
Area served
Worldwide
Key people
Darren Roos (CEO)
RevenueIncrease USD 826 million (2020)[2]
OwnerEQT[3]
Number of employees
4,000 (2020)
WebsiteIFS.com

IFS AB (Industrial and Financial Systems) is a multinational enterprise software company headquartered in Linköping, Sweden. The company develops and delivers enterprise software for customers around the world who manufacture and distribute goods, maintain assets, and manage service-focused operations. IFS has over 4000 employees that support more than 10,000 customers worldwide from a network of local offices and a growing ecosystem of partners.[4][5]

History

Early years (1983-1996)

IFS was founded in 1983 in Sweden and launched its first software product IFS Maintenance in 1985. Five years later the complete product suite known as IFS Applications was launched. In the next several years saw IFS expanding its presence in the Scandinavian region with establishment of offices in Norway, Finland, Denmark and then expanding outside Scandinavia into Poland. 1993, saw IFS introducing its first graphical user interface and expanding 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. 2001 saw IFS introducing mobile clients and Java based internet portals. In 2004, NEC acquired a 7.7% of IFS share capital. By 2005, IFS Applications had more than 500,000 users. 2008 saw IFS launching its new GUI and the start of several acquisitions.[6]

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,[7] followed by IFS Field Service Management 6 in 2019.[8][9] As of September 2020, private equity firm TA Associates bought in to IFS with a significant minority stake.[10]

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 number Acquired company Acquisition date Specialty Country of origin Acquisition costs
1 MultiPlus Solutions 2009[11] Project-based solutions[buzzword] Norway
2 360 Scheduling 2010[12] Scheduling engine United Kingdom
3 Metrix LLC 2012[13] Field service management United States
4 Mxi Technologies Ltd 2016[14] Integrated and intelligent maintenance management software solutions[buzzword] Canada
5 mplsystems Limited 2017[15] Omni-channel contact centre and customer engagement software United Kingdom
6 Field Service Management Limited 2017 Field service management solutions[buzzword] United Kingdom
7 WorkWave LLC 2017[16] Service management solutions[buzzword] United States
8 Astea International 2019[17] Field Service management solutions[buzzword] United States
9 Clevest, Inc. 2020[18] Mobile Workforce Management solution[buzzword] Canada

Philanthropy

In 2015, IFS initiated the IFS Education Programme, focusing on inspiring 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.[19] 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.[20][21][22]

Accolades

In the recent past IFS has gained several accolades in multiple categories across business, technology, HR and culture. IFS was selected winner of the European Digital Technology Award, out of 150,000 businesses from over 33 countries, in the last year’s European Business Awards 2019.[23] In 2020, its CEO Darren Roos was awarded the ‘CEO of the Year 2020’[24] and IFS won bronze in the Transform Awards 2020.[25] IFS received a 5-Star rating from CRN®, a brand of The Channel Company, in its 2020 Partner Program Guide.[26] The company has been recognized for several Great Places to Work recognitions (2018, 2017,2016) as well as receiving praise for multiple CSR initiatives including receiving the CSR Excellence Award for the IFS Education program alongside the CSR Award, both in 2019.[27]

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. ^ "Archived copy". Archived from the original on 2018-04-21. Retrieved 2019-01-09.{{cite web}}: CS1 maint: archived copy as title (link)
  2. ^ EQT Press Release. "EQT VII to sell global enterprise software provider IFS to successor funds and TA Associates". eqtgroup.com. EQT AB. Retrieved 14 October 2020.
  3. ^ "IFS - EQT". eqtpartners.com. Archived from the original on 2018-04-21. Retrieved 2019-01-09.
  4. ^ "About IFS - Global Enterprise Software Provider". www.ifs.com. Archived from the original on 2018-04-10. Retrieved 2019-01-09.
  5. ^ IFS on BBC: Environment aware: How business can be green
  6. ^ Acquisition of 360 Scheduling
  7. ^ "IFS Acquires 360 Scheduling". Retrieved 2019-03-18.
  8. ^ "EQT-owned IFS appoints Darren Roos as new CEO". Retrieved 2019-03-18.
  9. ^ "ERP and MRO Management Software for the Aviation Industry". Retrieved 2019-03-18.
  10. ^ "EQT funds to acquire global enterprise software provider IFS and bring in TA Associates as minority partner". www.ifs.com. Retrieved 2020-09-08.
  11. ^ "IFS Acquires Multiplus Solutions". Retrieved 2019-03-18.
  12. ^ "IFS Acquires 360 Scheduling". Retrieved 2019-03-18.
  13. ^ "Metrix Acquisition". Archived from the original on 2012-10-10. Retrieved 2013-09-08.
  14. ^ "IFS Acquires Mxi Technologies". Retrieved 2019-03-18.
  15. ^ Brooks, Steve (3 August 2017). "IFS doubles down on FSM -". Archived from the original on 2018-12-29. Retrieved 2019-01-09.
  16. ^ "EQT-owned IFS buys U.S. WorkWave in its biggest acquisition ever". 28 September 2017 – via www.reuters.com.
  17. ^ "IFS completes acquisition of global FSM software provider ASTEA INTERNATIONAL". IFS. 11 December 2019 – via www.ifs.com.
  18. ^ "IFS acquires Clevest". IFS. 2 November 2020 – via www.ifs.com.
  19. ^ "IFS Launches Global Education Program with over 80 Universities". businesswire.com. Business Wire. Retrieved 8 October 2020.
  20. ^ Sakalasooriya, Indika (8 November 2019). "Global ERP player IFS says investing more in Sri Lanka". Wijeya Newspapers Ltd. Daily Mirror. Retrieved 8 October 2020.
  21. ^ "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.
  22. ^ "Video: IFS Providing Water in Rural Sri Lanka". IFS.com. IFS. Retrieved 8 October 2020.
  23. ^ "IFS NAMED WINNER IN FINAL OF THE EUROPEAN BUSINESS AWARDS 2019". ifs.com. IFS AB. Retrieved 5 November 2020.
  24. ^ "2020 CEO and Leadership Award Winners". techascensionawards.com/. Tech Ascension Awards. Retrieved 5 November 2020.
  25. ^ "Winners celebrated at 2020 Transform Awards Europe". transformmagazine.net. Transform Magazine. Retrieved 5 November 2020.
  26. ^ "2020 Partner Program Guide". crn.com. Retrieved 5 November 2020.
  27. ^ "OUR CORPORATE SOCIAL RESPONSIBILITY EFFORTS". ifs.com. IFS AB. Retrieved 5 November 2020.
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