IFS Named Top-Tier Software Vendor by APPS RUN THE WORLD in the APPS and CLOUD TOP 500 Market Report

IFS Strengths, Domain Expertise, and Key Differentiators

IFS develops and delivers enterprise software for customers around the world who manufacture and distribute goods, build and maintain assets, and manage service-focused operations. EQT Partners acquired IFS AB in 2020.

The latest development at IFS came into focus in 2024 with its positioning as the vendor of choice for Industrial AI, the backbone of IFS Cloud's ERP, Asset Management (EAM) and Service Management (FSM and ITSM) solutions. AI in an industrial setting can be transformative and boundary-breaking for any business. IFS targets anyone running a manufacturing site, maintaining a fleet of aircraft, or is building facilities for tomorrow’s smart cities. IFS.ai is designed as the AI technology enabler that combines simulation, optimization and anomaly detection to drive the efficiency of people, assets, and workflows.

 
That follows a slew of corporate changes at IFS recently. In March 2022, PE firm Hg, became a minority investor in IFS. The investment valued IFS and WorkWave at $10 billion. It later spun off WorkWave to focus on ERP, Enterprise Asset Management and Industrial AI offerings.

More recently, it doubled down on EAM by buying Copperleaf for its asset lifecycle management solutions. The purchase is expected to add hundreds of customers and about $100 million in incremental revenues over the next 12 months, boosting IFS’ top line to more than $1.5 billion in 2025. IFS also bought EmpowerMX in July 2024 for its maintenance, repair and overhaul software for the aviation industry.

It expanded into the oil and gas industry by buying P2 Energy in 2022, adding more than 1,500 customers and more than $100 million in estimated sales.

IFS Recent Developments

IFS Cloud 23R1 differentiates on its ease-of-use, flexibility, cloud-native solution with industry focus. With IFS’s most recent AI-acquisition, Falkonry, IFS Cloud and Falkonry AI are set to transform asset-intensive operations.
In October 2022, IFS announced the release of IFS Cloud 22R2 at IFS Unleashed, the global community event in Miami where two thousand customers and partners joined to enjoy a week of panel discussions on the importance of IFS software in facilitating their business operations and driving service engagement, helping customers - the likes of Tetra Pak, Rolls-Royce and Aston Martin Formula One - to accelerate automation, connect global operations, and report on their ESG goals.
In October 2021, IFS unveiled the latest update to its IFS Cloud. IFS’s twice-annual release cycle allows customers to constantly evolve their solution without the need for big upgrades or migrations, clearing their road to focus on business transformation. The latest evolution of IFS Cloud delivers a long range of innovative, industry-specific new capabilities. For one, IFS is helping businesses collect the data needed to demonstrate their compliance and improve their performance against environmental sustainability standards - IFS Cloud Sustainability Hub is available and integrated inside Microsoft Teams. Secondly, IFS Cloud for HCM and Talent Management solutions provides the flexibility of using either basic or out-of-the-box functionality for recruitment, onboarding, and development of your most key resource – your people.
In February 2019, IFS and PTC entered into a strategic collaboration. IFS and PTC will integrate PTC’s Servigistics Service Parts Management solution with IFS Field Service Management, IFS Applications, and IFS Maintenix solutions. The integrated offering will allow companies to increase equipment uptime and service part availability as well as improve service delivery and execution efficiency.
In early 2019 IFS, and Matsei Technologies and Consulting, a key South African IFS business partner collaborated to create a digital aquaponics farming solution that will help feed the nation, drive job creation and support the rise of innovative small businesses.
IFS, launched IFS Applications 10, the new version of its enterprise applications suite. Built to help customers capitalize on disruptive industry trends such as automation, and connected devices (IoT), the new version helps companies connect their business to a digital backbone. Drawing on artificial intelligence (AI) technology, IFS Applications 10 features the IFS Aurena Bot that empowers users to interact with the system via voice or textual input in an intuitive and efficient way. IFS Applications 10 is available as a managed service in the cloud, as Software as a Service (SaaS), and on-premise.

IFS Mergers and Acquisitions (M&A) Activities

In August 2023, IFS acquired Falkonry, Inc. a California-based Industrial AI software company that provides automated, high-speed data analysis to the manufacturing and defense industries. This acquisition follows soon after the IFS acquisition of Poka, a provider of connected worker technology that empowers factory and field operatives to work smarter, safer and drive productivity. The combination of Falkonry and Poka with IFS Cloud makes IFS the most compelling vendor for organizations wanting to establish the most progressive and effective Smart Factories of the future.
In June 2023 IFS purchased Poka, the market leading Quebec based provider of a connected worker platform. This capability enables businesses to measure productivity across machinery and operators globally and therefore provides a clear insight into profitability. Poka also provides actionable insights for companies to stay compliant and provide safer working conditions as part of their ESG goals.
IFS acquired P2 Energy Solutions, a software and data solutions provider for upstream oil and gas, including financial & accounting management software, geospatial data, land asset management tools, and well lifecycle management solutions.
In July 2022, IFS acquired Ultimo Software Solutions, the Netherlands-based provider of cloud Enterprise Asset Management (EAM). With Ultimo, IFS extends its market share leadership in the EAM software space, making it easier for companies to deploy cloud EAM software regardless of size or maturity in their asset management efforts. IFS Ultimo is well known for its rapid deployment, ease-of-use, seamless integrations and unparalleled time to value.
In November 2021, IFS acquired Clevest. This acquisition extended IFS’s leadership in service management solutions as it intensifies its focus on driving service experience. Clevest is an ideal addition to IFS with its proven utilities domain expertise, market-leading capabilities and impressive international blue-chip client bases.
In July 2021, IFS acquired Customerville. Customerville was integrated into the IFS Cloud proposition to help IFS customers increase engagement with their own customers, improve revenue and profitability, and drive product, service, and outcome innovation.
During 2021, Axios Systems went under a total rebrand to become IFS assyst with the addition of the mascot, Osca the Octopus. With their single licensing model, IFS assyst offers breadth of capability across IT Service Management, IT Operations Management and Enterprise Service Management (ESM), all in one product.
In June 2021, IFS acquired Enterprise Service Management provider Axios Systems. The combined IFS Enterprise Service Management proposition is unique in how it enables companies to orchestrate their value chain and optimize their workflows so they can not only deliver amazing moments of service to their customers, but also so they can maximize revenue creation opportunities and increase profitability.
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 $3.3 billion.
IFS has acquired global field service management software provider Astea International. The acquisition will enable the combined company to serve more customers in more markets, through a broader network of the best talent and partners in the industry. By combining with Astea, IFS will further expand its global footprint beyond its more than 10,000 customers worldwide, of which 8,000 are in service management.

IFS Customers in ARTW Customer Database

Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying IFS applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of IFS and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified IFS Cloud, customers.

IFS Key Enterprise and Cloud Applications

IFS Cloud,

IFS Revenues, $M:

IFS Revenue Breakdown By Type, $M:

IFS Enterprise Applications Revenues By Functional Markets, $M:

IFS Enterprise Applications Revenues By Verticals, $M:

IFS Revenues By Region, $M

IFS Direct vs Indirect sales

IFS Customers - Breakdown by Geo, Size, Vertical and Product

List of Verified IFS Customers

No. of IFS Customers: 10000

No. of IFS Enterprise Applications Customers: 10000

No. of IFS Cloud Customers: x

No. of IFS Cloud Subscribers: x

IFS has a global customer base of 10000 customers of which 8,000 are in service management. 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.
Its customer wins are Bellman & Symfon, TC Thomas Consulting, Rancon Automobiles Limited, and Rancon Autos Limited, MCH Group, Pukka Herbs, Hamid Fabrics, VEGUM, Samson Rubber Industries, Circor International, Turner Access, Janoschka, CSR Puzhen Bombardier Transportation Systems, Saab, Jotron, Wrights Group, Songa Offshore, Port of Dover, Sevan Drilling, Hafslund, Instron, Atlas Pipeline, Vantaa Energy, Portsmouth Water, Avinor, Rexel, Buisard, Saab AB, BW Offshore, Systra, Process Group, Seaspan, GRAHAM, Atlas Group, Teracom, Atherton, Portsmouth Aviation and others.
Among its aerospace and defense customers are Babcock BES, Bristow Group, Ensign-Bickford Aerospace &Defense, Exotic Electro-Optics, Gables Engineering, Hawker Pacific, K&L Microwave, LTQ, MacTaggart Scott, Portsmouth Aviation, Saab, Ultra Electronics Precision Air and Land Systems, Astronautics Corporation of America, Avianca (formerly Ocean Air), Ball Aerospace, Breeze Eastern, Component Repair Technologies, Derco Aerospace, DynCorp International, Execujet, Federal Aviation Agency, GE Aviation, General Dynamics AIS and C4, Global Vectra Helicorp, Insta Group-DefSec, KSA DOD, Lockheed Martin, M7 Aerospace, Olgoonik Logistics, Sabreliner, Sikorsky Support Service, TbilAviaMsheni, Varig Log, VARZ-400 Russia, Vega Radio Engineering Corporation, VT Communications, Williams International, and others.

IFS Market Opportunities, M&A and Geo Expansions

In 2024, IFS's appointment of Mark Moffat as CEO heralds a new chapter in the company's journey toward digital innovation and growth. Under Moffat's leadership, IFS is poised to continue its trajectory as a leader in enterprise software, driving tangible business outcomes and empowering organizations to thrive in the digital age.
In July 2021, IFS entered into an exclusive distribution agreement with Technodyn across sub-Saharan Africa. Technodyn will be empowered to grow IFS’ presence in this market and to become the market face of IFS in the region.
In October 2019, IFS acquired Astea International. Astea serves midsize and large enterprise customers in Telecommunications, Controls & Instrumentation, Fire & Security, Medical Devices, Manufacturing, Industrial and Retail Equipment verticals. Astea’s customers include blue-chip global brands and Fortune 500 companies across the globe.
Through the many acquisitions in the service segment, IFS has expanded its footprint in field service management software to include the full range of company sizes (through the WorkWave acquisition that added smaller company reach to the portfolio) as well as state-of-the-art functionality like the Omni contact center (through the MPL acquisition), IFS is on an aggressive growth plan and has recently restructured the business to work even more global for best practice sharing across regions.
With the acquisition of Metrix, IFS expanded in areas such as service contact center, service scheduling, contract management, warranty management, and service project management. By bringing together the IFS, Metrix, and IFS 360 Scheduling products, IFS offers a suite of service management applications for asset-intensive and customer-centric service providers.
With the acquisition of MainIoT Software Oy, a provider of software solutions for Enterprise Asset Management (EAM) and Enterprise Service Management (ESM) as well as related master data management solutions, IFS enriched its customer base by 200 more customers.

IFS Risks and Challenges

The vendor is also making an extra effort to simplify implementation.IFS is seeking to reduce its reliance on consulting by making its products easier to configure and reducing the need for customization. Also, it is looking to revitalize its partner network by focusing on larger SIs, which means shifting more of the business into the hands of the partner segment.

IFS Ecosystem, Partners, Resellers and SI

The exclusive distribution agreement between IFS and InfoConsulting marks a significant milestone in the realm of cloud enterprise solutions. By fostering a collaborative ecosystem and embracing a partner-first approach, both entities are poised to redefine the contours of success in South Asia's burgeoning tech landscape.
IFS maintains a hybrid model of direct and indirect sales worldwide. The company is looking to revitalize its partner network by focusing on larger SI, which means shifting more of the business into the hands of the partner segment.
In February 2020, IFS partnered with Boomi, a Dell Technologies business. The resulting technology stack combines enterprise resource management (ERP), enterprise asset management (EAM), and field service management (FSM) into a ‘digital switchboard’ that unites industrial process expertise with cloud agility.
IFS signed a strategic global partnership with Mahindra Satyam. The partnership covers joint sales and marketing activities related to the IFS Applications software suite.
In 2018, IFS has made several partnerships with companies across the globe. Companies that went into a partnership agreement with the IFS are Aram, DXC Technology, Tieto, EVRY, WebQuarters, AnalytixInsight Inc. But its biggest news was its partnership with Infosys, a leader in consulting and technology services. The partnership covers joint sales activities toward targeted industries in the Americas, EMEA, and the Asia Pacific, as well as the development of skills in the IFS Applications software suite.

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Research Methodology

Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.

Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).

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