IFS AB
IFS is a Swedish enterprise software company headquartered in Linköping. The company develops cloud-based business software focused on asset- and service-intensive industries, including enterprise resource planning, enterprise asset management, and field service management.
History
Founding and early years
IFS was founded in 1983 in Sweden and launched its first software product IFS Maintenance in 1985. Five years later the complete product suite known as IFS Applications was launched. In the next several years saw IFS expanding its presence in the Scandinavian region with the establishment of offices in Norway, Finland, Denmark and then expanding outside Scandinavia into Poland. 1993, saw IFS introduced its first graphical user interface and expanded to Malaysia. In 1995, it expanded to North America.Expansions
In 1996, IFS was listed in the Swedish stock exchange and the product was made into a component based one. This was followed with the launch of its web client and its establishment of an RnD center in Colombo. In 2001, IFS introduced Java-based mobile clients and Internet portals. In 2004, NEC acquired a 7.7% of IFS share capital. By 2005, IFS Applications had more than 500,000 users. In 2008, IFS launched its new GUI and began several acquisitions.Private-equity ownership, valuation milestones and Investment by EQT
In 2015, IFS had reached more than one million global users and was acquired by EQT, a Swedish private equity group. IFS released its most recent ERP system, IFS Applications 10, in 2018 – the same year that Darren Roos was appointed as CEO, followed by IFS Field Service Management 6 in 2019.In July 2020, the EQT VII fund sold IFS AB to the successor funds EQT VIII and EQT IX, and global growth private equity firm, TA Associates, which became a minority partner at a transaction value in excess of US$3 billion. In March 2022, IFS announced that Hg, a leading software and services investor, would become a significant minority shareholder in IFS and WorkWave. Long-term investor EQT remains the majority shareholder, with Hg and TA Associates as significant minority shareholders. The transaction values IFS and WorkWave at $10 billion and sets both companies up to further grow their position as leading players in growing sectors. In April 2024, EQT sold a $3 billion stake in IFS to Abu Dhabi Investment Authority and Canada Pension Plan.
In March 2022, IFS stated that Hg did in fact join as a significant minority investor in a transaction valuing IFS and WorkWave at US$10 billion; EQT remained the majority shareholder and TA Associates a significant minority shareholder at that time.
In April 2025, IFS launched Nexus Black, a strategic initiative focused on accelerating the adoption of Industrial AI across asset-intensive industries. The program is designed to co-develop AI-driven solutions with customers, targeting use cases such as predictive maintenance, intelligent scheduling, and autonomous decision-making. Also in April 2025, IFS set a Guinness World Record for the longest static indoor billboard. The 304-foot-long installation at Chicago O’Hare International Airport was part of a global campaign to highlight the company’s focus on Industrial AI and the growing impact of its IFS.ai platform on its customers. In December 2025, it was announced that IFS had entered into a definitive agreement to acquire Softeon, a developer of cloud-native warehouse management, execution and distributed order management software. The acquisition is intended to expand IFS’s industrial software portfolio into warehouse operations and is subject to regulatory approval, with completion expected in the first quarter of 2026.
Operations
IFS is governed by the company’s Executive Management Team, providing leadership and direction from a global, operational perspective. Strategically, the company has a four region focus, led by members of the Executive Management Team. These focus areas are; Southern & Western Europe, Northern & Central Europe, Americas and APJME&A.Products and platform
In March 2021, IFS launched IFS Cloud, which it presented as a single platform for its portfolio of enterprise applications.IFS markets software spanning ERP, EAM and FSM, among other enterprise application categories, typically aimed at organisations managing complex assets and service operations.
Financial performance
In its FY2024 results announcement, IFS reported total revenue of €1.228 billion for 2024 and annual recurring revenue exceeding €1 billion.Major business press reporting on the 2025 investment round also described IFS as generating over €1.2 billion in revenue in 2024 and operating across more than 80 countries.
Acquisitions
IFS has used acquisitions to expand its product portfolio, particularly in enterprise asset management and adjacent industrial software categories.Ultimo – In July 2022, IFS announced an agreement to acquire Ultimo Software Solutions, a Netherlands-based provider of cloud EAM software.Poka – In June 2023, IFS announced an agreement to acquire Poka, a provider of a "connected worker" platform.Copperleaf Technologies – In June 2024, IFS announced a deal to acquire Copperleaf; IFS reported completion of the acquisition in August 2024, describing the transaction as a CAN$1 billion acquisition of Copperleaf Technologies Inc.Notable Partnerships
Cadillac Formula 1 Team (2026)
In January 2026, IFS announced a strategic partnership with the Cadillac Formula 1 Team, naming IFS as the team's official technology partner ahead of Cadillac's planned debut season in Formula 1 in 2026.Coverage of the partnership described IFS software being used in operational areas including finance, procurement, supply chain, production and quality management, with reports stating that the phased rollout began before Cadillac was granted formal entry to the sport.
Leadership
In January 2024, IFS announced the appointment of Mark Moffat as Chief Executive Officer, with Darren Roos becoming chair of the board.Business press reporting on IFS in 2025 also identified Moffat as CEO.