Published30 January 2024
3 minute read

IFS reports industry leading results with 33% software revenue growth for 2023

  • Recurring Revenue up 35% YoY
  • Cloud revenue up 46% YoY as new and existing customers move to IFS cloud.

London, January 30, 2024 – IFS, the global cloud enterprise software company, today announced its financial results for the full year ending December 31, 2023.The company posted exceptional results with software revenue growth at 33 percent year-on-year and cloud revenue up 46 percent as new and existing customers accelerate the move to IFS Cloud, a market leading single cloud platform, allowing customers to access the latest Industrial AI capabilities most critical to our focus industries. IFS is consistently recognized internationally as a market leader in FSM, EAM, ERP and ESM.


2023 continued to see the unfolding of unpredictable economical and geo-political disruption. Despite this, IFS’s strategy to stay focused on its core industries and to extend its Industrial AI capabilities with, have yielded very strong results in all regions, leading to another year of strong double-digit revenue growth for the company. The results which continue to outperform the market point to the company’s agility, scale, and ability to execute globally for its customers.


IFS’s product innovation in IFS Cloud and the inherent capabilities are in demand from existing customers and has attracted a large number of new customers choosing IFS over industry peers. Long standing customers such as Cimcorp as well as new customers such as Tele 2, Mattr, NOTE AB,IFS;Havfram, Van Oord, TÜV NORD, Stannah Lifts are turning to IFS as their long-term partner to transform their business models, improve resilience, increase operating efficiency, and deliver competitive advantage across their people, assets and services. 


IFS CEO Mark Moffat commented: “This time last year we reported five years of strong consecutive double-digit growth. I am hugely proud that the IFS team has continued this trend and also delivered an outstanding 2023. We will shortly reach a very significant landmark for IFS with $1bn ARR representing a strong vote of trust from our customers.” Moffat added: “Our core IFS value of being customer obsessed is paying off and with we are creating further productivity and automation opportunities for them while adding a critically important dimension to our proposition. We have delivered AI capabilities to our customers for a number of years now, and with we are driving AI across all our products effectively democratizing AI for all of our customers’ users. “Moffat concluded: “2024 will be a continuation of our strategy to deliver industry specific and market leading capabilities in FSM, EAM, ERP & ESM which includes investing in M&A. For our customers, I am proud to say that IFS moves as one, creating value faster and delivering our best to our customers when it matters most, at the Moment of Service.”


IFS Chief Financial Officer, Matthias Heiden, added, “2023 has delivered results that we are very proud of. ARR is clearly an important long-term performance metric, and our 26 percent growth in ARR YoY was driven by new logo acquisitions, significant expansion within the Install Base and low churn. All of which points to a very healthy mix of revenue and consistent execution across the entire business. Heiden concluded: “We saw very healthy double-digit growth in all our regions, with a notable outstanding performance in our North American and APJ, ME&A region. This combined with the performance of our ecosystem is clear evidence that our focus on product and the industries we serve are delivering the value our customers need globally.”


Financial and Operational Highlights for FY 2023, growth YoY:

  • FY2023 software revenue was EUR 853m, an increase of 33 percent versus 2022.
  • FY2023 recurring revenue was EUR 810m, an increase of 35 percent versus 2022.
  • FY2023 net revenue was EUR 1.062m, an increase of 30 percent versus 2022.
  • FY2023 annual recuring revenue (ARR) up 26 percent Year on Year.


Some key milestones for IFS in 2023 included: 

  • In February, IFS marked the 25th anniversary of its operations in Sri Lanka.   
  • In March, In the United States, IFS launched a collaboration with the Big Ten Conference, a pre-cursor to the strategic partnership launched in late 2023. 
  • In May, IFS released it latest sustainability report, a detailed account of IFS’s approach, priorities, targets and initiatives across environmental, social and governance (ESG) topics. 
  • In May, IFS launched the first of its twice-yearly IFS Cloud releases in 2023, with updates enabling customers to enhance business agility and build resilience.
  • In May, June and October, IFS held 9 global IFS Connect events with over 3,000 local prospects, customers, and partners in attendance. 
  • In June, IFS acquired Poka, the market-leading Quebec-based provider of a connected worker platform. 
  • In October IFS added extra capabilities to
  • In November, IFS launched the second of its twice-yearly IFS Cloud releases.
  • IFS began several landmark brand partnerships, including a strategic partnership with AJ Foyt in June and was named the first-ever official technology partner of the Big Ten Conference in October
  • Throughout 2023 IFS appointed several key executives across its global operations, including Matthias Heiden as CFO, Belinda Finch as CIO, Max Robberts as COO.


Additional highlights:

  • IFS added 243 new logos globally and across its core industries, including Mattr, NOTE AB, Havfram, Tele2 AB, Van Oord, TÜV NORD, Stannah Lifts, Enercare, My Dentist, and City of Tallahassee.
  • The IFS partner Ecosystem delivered some equally strong results with a 10% growth YoY in partner contribution to 41%. The impact was seen in our Net New business as well as in pipeline growth and number of deals closed by partners with North America and APJ, ME&A regions leading across multiple KPIs.
  • IFS is also extending its partnerships with Global System Integrators with a particular focus on strategic markets: Accenture for Utilities & Resources, Telco, Arcwide for Manufacturing, Services, Construction & Engineering, Capgemini for Construction & Engineering, Manufacturing, Energy, Utilities & Resources, and PwC for Energy, Utilities & Resources, Construction & Engineering



Learn more at


About IFS

IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build and maintain assets, and manage service-focused operations. Within our single platform, our industry specific products are innately connected to a single data model and use embedded digital innovation so that our customers can be their best when it really matters to their customers—at the Moment of Service™. The industry expertise of our people and of our growing ecosystem, together with a commitment to deliver value at every single step, has made IFS a recognized leader and the most recommended supplier in our sector. Our team of over 6,000 employees every day live our values of agility, trustworthiness, and collaboration in how we support our 6,500+ customers. Learn more about how our enterprise software solutions can help your business today at


Contact information.

EUROPE / MEA / APJ: Adam Gillbe

IFS, Director of Corporate & Executive Communications


Phone: +44 7775 114 856



IFS, Director of Corporate & Executive Communications


Phone: +44 7018 607 299

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