IFS’s EAM system is a cloud-native, flexible, composable asset management solution for the energy, utilities, construction, engineering, manufacturing, services, aerospace, and defence industries.

IFS, the global cloud enterprise software company, announced its financial results for the quarter ending March 31, 2022, with ACV (annual contract value) bookings up 78% year on year and recurring revenues up 45%.

The heightened automation delivered in the release will require fewer human inputs, allowing employees to focus on high-value activities as well as reduce the risk of human errors.

Constance Minc, commented: “The 2021 results are very important because they cement IFS’s impressive performance trajectory with another year of double-digit software revenue growth while continuing to expand our margins.”

With clients achieving faster time-to-value thanks to IFS Cloud’s better deployment capabilities and more partners using IFS solutions, software revenue now accounts for 72 percent of IFS’s overall revenue, up 17 percent year over year.