Estimated reading time: 0 minutes, 39 seconds

IFS CLOUD REVS SOAR 67 PERCENT Featured

Cloud revenue jumped 67 percent for IFS, the Sweden-based sister company of Acumatica, for the first quarter ended March 31. The company did not report cloud revenue figures.

Total revenue was approximately $173 million for the most recently ended period, a 15-percent rise from a year earlier. Software revenue jumped 25 percent to roughly $132 million. Recurring revenue reached about $122 million, a 45-percent jump from last year’s corresponding period. The company does not report earnings. The spike in cloud revenue reflects the March 2021 introduction of IFS Cloud, which the company says brings together several applications. It reported the annual contract value of bookings rose 78 percent. IFS also received an investment of undisclosed size from private equity firm HG in March this year and launched the first of two IFS cloud releases recently. 

Read 755 times
Rate this item
(0 votes)

Visit other PMG Sites:

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.