“In the first 12 months of IFS Cloud’s general availability, the company reported the same number of new users as it secured over a 25-year period with previous generation software,” IFS said in its financial report. CFO Constance Minc also noted the year-over-year increase in revenue reflected the strategy of moving more consulting revenue to its channel. IFS, a sister to Acumatica, reported software revenue of approximately $274 million, a 22-percent increase over last year’s corresponding period with cloud revenue up 56 percent for the same period. In addition, it said recurring revenue now comprises 71 percent of the total.
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IFS HALF REVS RISE 15 PERCENT Featured
Revenue for IFS rose 15 percent to roughly $362 million for the first half ended June 30. The Sweden-based software company touted the impact of the IFS Cloud, which was introduced in 2021.