IFS saw a 22% growth in software revenue in 2021, with cloud revenue going strong at a 105% increase year on year despite Covid-19 headwinds. Our ability to enable our customers to deliver outstanding Moments of Service quarter after quarter has been essential for IFS in achieving sustained growth over the last two years, with a 2020/2021 CAGR of 22% in software revenue and 36% in recurring revenue.
Across industries, companies evolved their business models by leveraging digital technologies and driving innovation into their services, outcomes and/or products in a bid to differentiate and gain competitive advantage in uncertain times. The need for companies to build adaptability in their organizational set up, as well as agility in their responses to shifting customer and consumer demands became crystal clear.
IFS stayed true to its commitment to accelerate its customers’ time to value, and its unwavering industry focus has continued to deliver solutions that not only meet customers’ needs as they navigate their new business normal, but also enable them to proactively plan and transform for the medium and longer term.
Darren Roos, CEO at IFS said “Four consecutive years of double-digit growth is something the entire organization is hugely proud of, particularly in view of the challenging circumstances we’ve experienced since 2020. in 2021, our goal to help companies deliver their greatest Moments of Service also became a reality through our M&A strategy. We successfully integrated two companies into IFS and, since our acquisiton of Axios systems in June, have increased subscription bookings for IFS assyst by 236 percent compared to the same period in 2020.”
Roos continued “the numbers paint the picture of a strong and healthy business and I am particularly delighted that we are not compromising on any other metrics to achieve this level of sustained growth.”