IFS’s recurring revenues up 41% for third-quarter 2020

IFS, the global enterprise applications company, has reported its financial results for the third quarter of 2020. The financial highlights reveal a strong business that continues its trajectory of hyper growth in areas such as cloud- and service management software.

The company’s commitment to advancing its service management technology is projected to deliver north of 100% year-on-year growth in service licencs software revenue by year-end.

IFS reported net revenue of SEK 5,111 million (US$544 million), an increase of 12% versus the third quarter of 2019. Service management license revenue grew 86% versus the third quarter of 2019 and recurring revenue increased 4%, while Cloud revenue increased 59% versus 2019.

In the third quarter, IFS’s industry focus continued to pay dividends, with the aerospace and defense (A&D) business unit not only welcoming aircraft manufacturer De Havilland Canada to the family, but also closing the largest-ever deal in the company’s history with one of the sector’s leading brands.

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