The Sweden-based company also recently noted revenue for the third quarter was up 21 percent. It did not release revenue for the quarter or earnings but said EBIDTA for 2019 was 41-percent higher than for the same period in 2018. The company said excluding WorkWave year-to-date cloud revenue was up 61 percent while license revenue was up 47 percent, 45 percent for the third quarter. IFS CEO Darren Roos said his company expects 2019 revenue of $711 million. Fourth-quarter revenue will benefit from the recent purchase of Astea, which reported $27.5 million for 2018. IFS singled out two business areas for high-revenue growth: aerospace and defense, up 41 percent and service management, up 66 percent.. IFS is owned by EQT Partners, which acquired Acumatica in August.
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IFS REVS UP 13 PERCENT Featured
Revenue for IFS, the sister company of Acumatica, reached $485 million for the nine months ended September 30. That was a 23-percent increase over last year’s corresponding period.
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