IFS, the global enterprise applications company has seen a 26% Year-on-Year increase in software revenue, according to its financial results for the full year ended December 31, 2020.
2020 saw widespread market disruption due to the Covid-19 pandemic. This has heightened the need for companies to build resilience into their business and adopt digital business models.
In this backdrop, IFS stressed that it has stood firm in its commitment to deliver measurable benefits to its customers and has doubled down on ensuring a faster time to value.
This has been instrumental in delivering sustained growth in revenue and led to a 105% increase in Service Management revenue.
Some of the key milestones for IFS in 2020 included the acquisition of Clevest which enhanced the depth of IFS’s service management proposition, the launch of IFS Remote Assistance and growth in the IFS ecosystem.
“I am also really proud to see that a significant part our license revenue has come from new logos, customers who have moved away from their legacy vendor; this combined with our performance in recurring revenue points the performance of a very strong business. 2021 will be a hugely important year for IFS as we launch IFS Cloud on March 10th” IFS CEO Darren Roos commented.
In 2020, IFS’ cloud revenue rose by 60 percent YoY, service business license revenue grew by 105 percent YoY and aerospace and defense license revenue grew 37 percent YoY.
The net revenue of the company rose by 14 percent in the year versus 2019.
IFS has research and development, customer support and consultative operations teams in Sri Lanka.
Further, it also has a strong customer base in Sri Lanka exceeding 100 corporates, including leading corporate such as MAS and Singer Sri Lanka.