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IFS Cloud Enterprise Applications FY2022 Revenue Up 80% YoY

The News: Cloud enterprise applications vendor IFS saw its cloud revenue rise by 80 percent year-over-year in its latest full fiscal year 2022 (FY2022) earnings ending December 31, 2022, as the software company announced its financial results on January 25. IFS, which is privately held, said the results mark its fifth consecutive year of double-digit revenue growth. Read the full IFS Press Release on its FY2022 earnings report.

IFS Cloud Enterprise Applications FY2022 Revenue Up 80% YoY

Analyst Take: Cloud enterprise applications continue to gain momentum for software vendor IFS as the company’s ERP, enterprise asset management, enterprise service management, and customer experience management applications earn broader customer adoption around the world.

The growth numbers for full FY2022 are impressive, with IFS seeing its cloud revenue up by 80 percent from new and existing customers moving to IFS Cloud over FY2021, and a 57 percent rise in Annual Recurring Revenue (ARR), according to the company. IFS also saw a healthy 28 percent rise in its overall software revenue YoY.

These are great growth numbers from this focused enterprise software vendor that targets several specific industries, including aerospace and defense, energy utilities and resources, construction and engineering, manufacturing, service industries, and telecommunications.

Here are the full year IFS FY2022 earnings figures by the numbers:

  • FY2022 IFS software revenue was 6.6 billion Swedish Krona (SEK), which is about $634.8 million USD, up 28 percent YoY from 2021.
  • FY2022 IFS overall recurring revenue 6.1 billion SEK, which is about $586.6 million USD, an increase of 44 percent YoY from 2021.
  • FY2022 IFS net revenue was 8.4 billion SEK, which is about $808.2 million USD, up 19 percent YoY from 2021.

These are the only earnings figures released by the privately held IFS, but while limited in scope, they do show the company’s rising sales and popularity with customers that are moving to deepen their digital transformation efforts within their internal technology operations. We appreciate the breadth and depth of IFS’s software platforms, which are built to help growing enterprises better manage their customer lists as well as their regional or global assets in equipment, parts, tools and more. IFS software also helps customers to better manage their service operations.

The IFS strategy is to bring immense value to customers by leveraging better organization using AI integrations, bringing together data from remote silos, and by making other process improvements that can be integrated with existing critical enterprise applications. It is a strategy that we believe is a great starting point for customers that want to bolster their operations with a helpful partner that delivers powerful technologies.

IFS Cloud Enterprise Applications Progress in FY2022

In the first quarter of 2022, IFS launched a new Partner Success program to assist business partners in accelerating IFS’s all-important partner strategy. This was a smart move that will surely produce dividends for customers and partners to get IFS more business in the global marketplace. In April of 2022, IFS launched its Arcwide joint venture with BearingPoint to help partners and customers accelerate the pace of IFS Cloud deployments in enterprise IT environments. And in October IFS launched its rebranded IFS Unleashed global community event to show off its wares with customers and partners, and to help boost its exposure in the IT ecosphere.

IFS CEO Darren Roos said in a statement that he expects 2023 to be an exciting year for the company as it continues its work bringing together its employees, partners, products and industry expertise to better serve its existing and new customers. With Roos and the rest of his leadership team at the helm, we believe that IFS looks to be on track to do just that.

IFS Cloud Enterprise Applications Overview

As we have said before, IFS has been hard at work building a high-quality cloud software business, using an impressive technology stack, innovative features and sound engineering. We remain especially positive about IFS’s focused growth and its targeted end-markets, which are continuing to find success for the company in the global marketplace.

It will be interesting to watch IFS into the future as it expands its reach and innovation for customers. We are seeing great work by the IFS team that is showing positive results across the board.

Disclosure: Futurum Research is a research and advisory firm that engages or has engaged in research, analysis, and advisory services with many technology companies, including those mentioned in this article. The author does not hold any equity positions with any company mentioned in this article.

Analysis and opinions expressed herein are specific to the analyst individually and data and other information that might have been provided for validation, not those of Futurum Research as a whole.

Other insights from Futurum Research:

IFS Unleashed Event Recap: IFS Unleashes Growth Engine

Intel Earnings; IFS Snags MediaTek as First Wafer Customer

Hg Capital Announces Investment in IFS and WorkWave

Image Credit: BTHaber

Author Information

Todd joined The Futurum Group as an Analyst after over 20 years as a technology journalist covering such topic areas as artificial intelligence (AI), deep learning (DL), machine learning (ML), open source and Linux, high-performance computing, supercomputers, cloud computing, virtualization, containers and microservices, IT security and more.

Prior to his work with The Futurum Group, Todd previously served as managing editor of from 2020 through 2022 where he worked to drive coverage of AI use and innovation in the enterprise. He also served in the past as a staff writer for Computerworld and eWEEK and freelanced for a wide range of tech websites, including TechRepublic, Channel Futures and Channel Partners, Computerworld, PC World, Data Center Knowledge, IT Pro Today, and The Linux Foundation.

Todd holds a Bachelor’s Degree in Journalism from the University of Wisconsin-Madison. A Philadelphia native, he lives in Lancaster County, Pa., and spends his spare time tinkering with his vintage Mazda Miata convertible and collecting toy taxis from around the world.


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