LONDON, Jan. 29, 2020 /PRNewswire/ -- IFS, the global enterprise applications company, today announced its financial results for the full year ended December 31, 2019.
In a year where industry veterans Oracle, SAP and Infor made changes to their executive leadership and experienced modest growth in comparable lines of business, IFS's focus on delivering customer value has resulted in seven consecutive quarters of three-times the market average growth.
During every quarter of 2019, every region and every line of business delivered double digit growth. IFS saw its Field Service Management business grow by 51% and its Aerospace and Defense business expand by 38% year on year.
Appetite for IFS's cloud offerings continue to grow with revenues for cloud and SaaS increasing 56% year on year (excluding Astea and WorkWave).
"I am incredibly proud to lead the team that has delivered this impressive performance. Our employees clearly understand our focus, feel ownership of our progress, and stand united in a passion for our customers. Our differentiator is not that we talk about customer centricity, but that we commit to delivering customer value," IFS Chief Executive Officer Darren Roos said. "The investments made last year into our product and partner enablement will benefit the company in the long-term and will have a positive impact for our customers - and our own business - in 2020 and beyond."
IFS Chief Financial Officer Constance Minc added, "These 2019 figures speak to a company that is growing profitably across all elements. In 2019 we strengthened all functions through strategic and transformational initiatives, aimed at putting us in a better position to more effectively serve our customers, this investment cycle continues in 2020."
Financial and Operational Highlights for FY 2019*, growth YoY:
In 2019, IFS added many coveted global brands to its roster across the five focus industries it serves, including SPIE, Rolls-Royce, Tietex, Revima, Resolute Mining, Primo and Cryostar.
Also in the year, and in recognition of the importance of building a strong ecosystem from end-to-end, IFS joined forces with PTC for product innovation, Acumatica for channel innovation and, in December of 2019, completed the acquisition of Astea International as its ambitions for dominance in field service management are brought to life.
The global analyst community also took notice of this momentum, positioning IFS as a Leader in the 2019 Gartner Magic Quadrant for Field Service Management Software, a Leader in the 2019 IDC MarketScape for Worldwide Manufacturing Field Service Applications, and a Leader in the 2019 IDC MarketScape for Asset-Intensive EAM Applications.
Looking to 2020 and beyond, the company remains confident that it will deliver on its targets, which encompass further growth in its channel and continued investment in research and development.
*Note: revenue growth figures based on Swedish Krona and are reported in actual currency.
Learn more at www.ifs.com/corp/company/financial-results/.
CONTACT:
Lyndsey Rojas,
IFS Director of Communications.
Phone: 1 216 339 9144
press@ifs.com
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IFS financial highlights FY19 |
