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IFS CLOUD REVS UP 104% FOR 9 MOs. Featured

IFS, a sister company to Acumatica, says that cloud revenue grew by 104 percent year-over-year for the nine months ended September 30. All figures in the report were in constant currency so you can probably chop off a few percentage points for actual exchange rates.

The Sweden and London-based company said 2021 software revenue to date was roughly $394 million, an increase of 17 percent over last year’s corresponding period. It said total is on track for $1 billion in total revenue for 2021, compared to about $825 million for 2020 at current exchange rates, about a 21.2 percent using the $1 billion figure. IFS reports total revenue. IFS reported total net revenue for 2020 and the first quarter of this year, but not for second and third quarter. However, since it reports that software is 72 percent of revenue the total for the third quarter should be roughly $524 million., IFS noted its acquisition of Customerville during the quarter.

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