LINKÖPING, Sweden, Jan. 29, 2019
LINKÖPING, Sweden, Jan. 29, 2019 /PRNewswire/ --
IFS, the global enterprise applications company, today announced its financial results for the full year ended December 31, 2018.
IFS CEO Darren Roos commented, "We are outpacing large and medium-sized competitors in the ERP space and our robust 2018 financial results reflect that. Our major engines of growth for the year ahead include IFS Aerospace & Defense, IFS Field Service Management and IFS Applications. Alongside these innovations will be a firm commitment to continue challenging the status quo while providing world-class customer service. Building on the momentum created in 2018, we enter 2019 with a renewed sense of purpose and a future guided by our customers."
IFS CFO Milena Roveda added, "Our financial performance in 2018 doesn't just make a nice headline. It's a testament to a business built on innovation and an unrelenting commitment to providing customer-focused solutions. This is how we set ourselves apart from the competition. With an increase of 300% in cloud sales, and a net revenue improvement of 23% versus 2017, we are outpacing the market by a factor of more than three."
Business Performance: Financial and Operational Highlights for FY 2018
Driven by a double-digit increase in product revenue, net revenue growth soared to 23%, outperforming the projected market growth of 7%. Cloud and SaaS saw a revenue increase of a remarkable 300%.
Results like these don't happen on their own. A number of major transformation projects were carried out in 2018 with the expressed aim to facilitate global growth and ever-happier customers. Projects included harmonizing customer service and support as IFS has continued to grow its footprint in the medium-to-large enterprise segments. 2018 also saw the launch of key products, including IFS Applications 10, IFS Field Service Management 6, and SaaS-based solutions in the IFS Aerospace & Defense product line.
These dramatic gains were ushered in following the appointment of IFS CEO Darren Roos in early 2018. To complete the company's global leadership team, Roos recruited talent from some of the best-known technology brands including SAP, Oracle, Software AG and Hewlett Packard.
Chief Product Officer Christian Pedersen, who assumed the role in September 2018, also brings IFS's focus on investing in sensible but forward-thinking technologies to the next level. Among the other visionary hires were Milena Roveda as Chief Financial Officer, Jane Keith as Chief People and Culture Officer, and Michael Ouissi as Chief Customer Officer.
With 2018 in the rearview mirror, IFS has emerged hungry and ready, a company structured to scale as it continues to equip challenger companies everywhere with sensible enterprise solutions.
Learn more at www.ifsworld.com/corp/company/financial-results/.
Lyndsey Rojas, IFS Director of Communications. Phone: 1 888 437 4968, email@example.com
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Earnings Chart FY 2018