| IFS AB | |
| Type: | Private[1] |
| Location City: | Linköping |
| Location Country: | Sweden |
| Area Served: | Worldwide |
| Key People: | Mark Moffat |
| Industry: | Enterprise software |
| Products: | IFS Cloud Enterprise Resource Planning Field Service Management Enterprise Asset Management Field Service Management Energy & Resources IFS Assyst (Enterprise Service Management) Poka |
| Revenue: | SEK 3.7 billion (2022)[2] |
| Owner: | EQT,[3] TA, Hg |
| Num Employees: | 5,500 (2023) |
IFS AB (Industrial and Financial Systems) is a multinational enterprise software company headquartered in Linköping, Sweden. IFS has over 6,000 employees in more than 80 countries [4]
IFS was founded in 1983 in Sweden and launched its first software product IFS Maintenance in 1985.[5] Five years later the complete product suite known as IFS Applications was launched.[6] In the next several years saw IFS expanding its presence in the Scandinavian region with the establishment of offices in Norway, Finland, Denmark and then expanding outside Scandinavia into Poland. 1993, saw IFS introduced its first graphical user interface and expanded to Malaysia. In 1995, it expanded to North America.
In 1996, IFS was listed in the Swedish stock exchange and the product was made into a component based one. This was followed with the launch of its web client and its establishment of an RnD center in Colombo. In 2001, IFS introduced Java-based mobile clients and Internet portals. In 2004, NEC acquired a 7.7% of IFS share capital. By 2005, IFS Applications had more than 500,000 users. In 2008, IFS launched its new GUI and began several acquisitions.[7]
In 2015, IFS had reached more than one million global users and was acquired by EQT, a Swedish private equity group. IFS released its most recent ERP system, IFS Applications 10, in 2018 – the same year that Darren Roos was appointed as CEO,[8] followed by IFS Field Service Management 6 in 2019.[9] [10]
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 US$3.3 million.[11] In March 2022, IFS announced that Hg, a leading software and services investor, would become a significant minority shareholder in IFS and WorkWave. Long-term investor EQT remains the majority shareholder, with Hg and TA Associates as significant minority shareholders. The transaction values IFS and WorkWave at $10 billion and sets both companies up to further grow their position as leading players in growing sectors.[12]
IFS is governed by the company’s Executive Management Team, providing leadership and direction from a global, operational perspective. Strategically, the company has a four region focus, led by members of the Executive Management Team. These focus areas are; Southern & Western Europe, Northern & Central Europe, Americas and APJME&A.
| Acquisition number | Acquired company | Acquisition date | Specialty | Country of origin | Acquisition costs | ||
|---|---|---|---|---|---|---|---|
| 1 | MultiPlus Solutions | 2009[13] | Project-based ERP | Norway | |||
| 2 | 360 Scheduling | 2010[14] | Scheduling engine | United Kingdom | |||
| 3 | Metrix LLC | 2012[15] | Field Service Management | United States | |||
| 4 | Mxi Technologies Ltd | 2016[16] | Integrated and intelligent maintenance management software | Canada | |||
| 5 | mplsystems Limited | 2017[17] | Omni-channel contact centre and customer engagement software | United Kingdom | |||
| 6 | Field Service Management Limited | 2017 | Field Service Management | United Kingdom | |||
| 7 | WorkWave LLC | 2017[18] | Service management | United States | |||
| 8 | Astea International | 2019[19] | Field Service Management | United States | |||
| 9 | Clevest, Inc. | 2020[20] | Mobile Workforce Management | Canada | |||
| 10 | Axios Systems | 2021[21] | Enterprise Service Management | United Kingdom | |||
| 11 | Customerville | 2021 | Customer Experience (CX) provider | United States | |||
| 12 | Ultimo Software Solutions | 2022[22] | Enterprise Asset Management (EAM) | Netherlands | |||
| 13 | P2 Energy Solutions | 2022[23] | Energy and Resources Software | United States | |||
| 14 | Poka, Inc. | 2023[24] | Connected Worker Platform | Canada | |||
| 15 | Falkonry, Inc. | 2023[25] | Industrial AI | United States | |||
| 16 | Copperleaf Technologies Inc. | 2024[26] | Asset Investment Planning and Management | Canada | |||
| 16 | EmpowerMX | 2024[27] | Aviation Maintenance Software | United States | |||