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IFS REVENUE UP 16 PERCENT FOR HALF Featured

IFS, the sister to Acumatica, this week reported revenue of $360 million for the first half ended June 30. That was a 16-percent year-over-year increase, 15 percent in constant currency for the Sweden-based company.

Software revenue rose to roughly $118.2 million, and according to CFO Constance Minc, 80 percent of total software revenue is now recurring. Not surprisingly, consulting revenue was a weak area, flat at approximately $118.2 million, minus one percent in constant currency. Adjusted EBITDA hit $96.2 million, a 33-percent increase, 32 percent in constant currency. IFS said it added 88 customers during the recent ended quarter. In the first-quarter report, CEO Darren Roos had reported the company took “product cost-control measures” in response to the COVID-19 pandemic, but IFS has not provided details.

 

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