Posted April 30, 2024

IFS Announces Best Q1 Results in Company History

Posts 26% increase in ARR YoY and 20% increase in Cloud revenue YoY.

IFS, the global cloud enterprise software company, today announced its financial results for the first quarter ending March 31, 2024.

The results reflect the best start to the year in company history – an early victory for new CEO Mark Moffat, who was appointed on January 9th, 2024.

Summary of Q1 results:

  • Annual Recurring Revenue (ARR) up 26% YoY
  • Cloud Revenue up 20% YoY
  • Software Revenue growth up 19% YoY

A steadfast customer focus positions IFS as the demonstrable leader in all of the segments it serves. A position reinforced thanks to recent industry analyst reports recognizing IFS as the #1 vendor in terms of market share for Enterprise Asset Management (EAM) and Service Management.

IFS CEO Mark Moffat commented: “In my first 100 days as CEO, I have met with over 100 customers around the world, and they consistently tell me that our customer-centric approach is a key differentiator, especially in a world where we see our competitors peddling their own agenda over that of their customers.”

“Our Q1 results are the continuation of our relentless focus on what makes us successful: listening to and delivering value to our customers. It’s also what enables us to outperform the market quarter after quarter. Our customer focus is not only ingrained in our culture, but it also extends across our partner ecosystem and the work they deliver alongside us.”

Moffat added: “Industrial AI is a huge opportunity for our customers, and we are uniquely positioned to help them harness its potential. We have been developing industry-specific AI solutions that integrate seamlessly with our existing products and leverage the data we have to deliver game-changing outcomes.”

Moffat concluded: “IFS has an edge because we have been having these conversations with our customers for years, and that has informed how we shape our technology and services. The results of the first quarter show that we are on the right track, and that our vision resonates.”

Key factors supporting IFS expansion:

  • A sharp uptake in demand for thanks to compelling Industrial AI use cases that are fast and easy to implement, and in turn able to rapidly deliver value. As more of these use cases roll out with every release of IFS Cloud, IFS is providing further capabilities for customers to innovate and differentiate within their respective fields.
  • Welcoming a significant number of new customers who are moving from legacy vendors including SAP and IBM Maximo to IFS because of: relentless IFS pursuit of customer success; the single composable platform and common data model; consistent enhancements in industry functionality; and flexible deployment options that put customers in control. In the last quarter alone, Modulaire Group, NGE, Evergy and the largest U.S. utility company, Exelon, have selected IFS as the modern, next generation alternative.
  • Significant expansion of IFS within existing customers, who are similarly implementing IFS to replace outdated technology that exists in other areas of their business. With so many industrial companies looking to technology, and specifically IFS, to transform and grow, IFS is uniquely positioned to help customers improve supply chains, operate more efficiently and ultimately deliver amazing Moments of Service that stand out. For example, many manufacturers are expanding their use of IFS with the IFS Connected Worker solution from Poka to better manage, enable, and improve the productivity of their factory workers.

IFS Chief Financial Officer, Matthias Heiden, added, “Market conditions in 2024 are still volatile which puts our performance trajectory into context. 26 percent ARR increase year-on-year combined with strong subscriptions renewals is setting us up for continued steady growth in 2024.”

Heiden continued: “This means we are able to prioritize investment in people and in technology bringing even more innovation into our bi-annual releases.” Heiden concluded: “We have worked hard to get to this point, and we are seeing financial benefits deep into our business with all the metrics continuing to accelerate in the right direction.”

Investments in key markets such as the U.S., Europe, and Japan are slated to continue through 2024, bolstering regional performance by driving increased demand for In Q1 the company also launched a significant brand campaign across the U.S., including out-of-home advertising at the largest airports in North America, becoming the Big Ten Conference’s Official Technology Partner, and a Patron of MIT’s Center for Information Systems Research.

IFS is also pleased to today publish the 2023 IFS Sustainability Report, which details the company’s strategy, approach and achievements delivering on its own sustainability targets as well as supporting customers to achieve their ESG goals. The report, alongside an ESG Fact Sheet, is available here:

Financial Highlights for Q1 FY2024:

Q1 FY2024 software revenue was EUR 217m, an increase of 19 percent versus Q1 2023.
Q1 FY2024 recurring revenue was EUR 209m, an increase of 21 percent versus Q1 2023.
Q1 FY2024 net revenue was EUR 269m, an increase of 16 percent versus Q1 2023.

For more information about IFS historical financial performance, please visit: []

About IFS
IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build and maintain assets, and manage service-focused operations. Within our single platform, our industry specific products are innately connected to a single data model and use embedded digital innovation so that our customers can be their best when it really matters to their customers — at the Moment of Service™. The industry expertise of our people and of our growing ecosystem, together with a commitment to deliver value at every single step, has made IFS a recognized leader and the most recommended supplier in our sector.

Our team of over 6,000 employees every day live our values of agility, trustworthiness and collaboration in how we support our 6,500+ customers. Learn more about how our enterprise software solutions can help your business today at