To once again recite the list that have gone private, these are Deltek, Epicor, Exact, Jeeves Information Systems and Unit1. In a statement about the impact on employees, IGT said "it believes that IFS would benefit from further investments into its sales and marketing, partner network and product development in order to fully achieve its strategic objectives." IFS revenue for the nine months ended September 30 was about $283.1 million, an increase of 11.8 percent from last year's corresponding period. Earnings of roughly $15.3 million for the most recently ended was about 26 percent higher than a year earlier. IFS, headed by CEO Alastair Sorbie had about $23 million in revenue from the Americas for the year-to-date. The financial report suggests a reason for IGT's purchase and statement that it wants to invest—no revenue from subscriptions shows up in the P&L and there is no statement from management about plans in that area. IFS has cloud products, all single-tenant, according to the website. IFS operates in the oil and gas industry in North America and during the summer signed RigServ as part of its partner network to expand that business.
IFS AGREES TO BUY OUT Featured
Industrial and Financial Systems, which markets enterprise-level software, has agreed to a buyout from private equity group IGT Holding. While the Swedish-based ERP company is outside of the usual kinds of software vendors covered here, it joins a steady stream of financial software providers that have been taken out of the publicly traded market by the private equity interests. The deal is worth about $1.1 billion.
