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The UK Word From IFS Connect? Less Cloud “Fiefdoms”, More Young Professionals
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IFS On Firm Footing with Robust Q1 ARR and Cloud Growth
Stephanie Ball, Deputy Editor at ERP Today, reports that IFS has recently released its financial results for the first quarter, concluding on March 31, 2023. The company's revenue growth has been driven by a continuous demand for cloud services, coinciding with CEO Darren Roos' sixth year of leadership. The net revenue for the quarter amounted to $236 million, reflecting a substantial increase of 38 percent compared to Q1 2022. A significant portion of this revenue, $176 million or three-quarters of the total, came from recurring revenue, marking a year-on-year growth of 48 percent. Software revenue experienced a notable rise of 44 percent year-on-year, reaching $186 million. The positive results were further bolstered by a 55 percent increase in cloud revenues compared to the previous year.
Read the full article from ERP Today here.
