New CEO visits 100 customers in first 100 days

LONDON, May 2, 2024 /PRNewswire/ — IFS, the global cloud enterprise software company, today announced its financial results for the first quarter ending March 31, 2024. The results reflect the best start to the year in company history – an early victory for new CEO Mark Moffat, who was appointed on January 9th, 2024.

Summary of Q1 results:      

• Annual Recurring Revenue (ARR) up 26% YoY    
• Cloud Revenue up 20% YoY 
• Software Revenue growth up 19% YoY

A steadfast customer focus positions IFS as the demonstrable leader in all of the segments it serves. A position reinforced thanks to recent industry analyst reports recognizing IFS as the #1 vendor in terms of market share for Enterprise Asset Management (EAM) and Service Management.

IFS CEO Mark Moffat commented: “In my first 100 days as CEO, I have met with over 100 customers around the world, and they consistently tell me that our customer-centric approach is a key differentiator, especially in a world where we see our competitors peddling their own agenda over that of their customers’.

“Our Q1 results are the continuation of our relentless focus on what makes us successful: listening to and delivering value to our customers. It’s also what enables us to outperform the market quarter after quarter. Our customer focus is not only ingrained in our culture, but it also extends across our partner ecosystem and the work they deliver alongside us.”

Moffat added: “Industrial AI is a huge opportunity for our customers, and we are uniquely positioned to help them harness its potential. We have been developing industry-specific AI solutions that integrate seamlessly with our existing products and leverage the data we have to deliver game-changing outcomes.” Moffat concluded: “IFS has an edge because we have been having these conversations with our customers for years, and that has informed how we shape our technology and services. The results of the first quarter show that we are on the right track, and that our vision resonates.”

Key factors supporting IFS’s expansion:        

• A sharp uptake in demand for IFS.ai thanks to compelling Industrial AI use cases that are fast and easy to implement, and in turn able to rapidly deliver value. As more of these use cases roll out with every release of IFS Cloud, IFS is providing further capabilities for customers to innovate and differentiate within their respective fields.
• Welcoming a significant number of new customers who are moving from legacy vendors including SAP and IBM Maximo to IFS because of: IFS’s relentless pursuit of customer success; the single composable platform and common data model; consistent enhancements in industry functionality; and flexible deployment options that put customers in control. In the last quarter alone, Modulaire Group, NGE, Evergy and the US’s largest utility company, Exelon, have selected IFS as the modern, next generation alternative.
• Significant expansion of IFS within existing customers, who are similarly implementing IFS to replace outdated technology that exists in other areas of their business. With so many industrial companies looking to technology, and specifically IFS, to transform and grow, IFS is uniquely positioned to help customers improve supply chains, operate more efficiently and ultimately deliver amazing Moments of Service that stand out. For example, many manufacturers are expanding their use of IFS with IFS’s Connected Worker solution from Poka to better manage, enable and improve the productivity of their factory workers.

IFS Chief Financial Officer, Matthias Heiden, added, “Market conditions in 2024 are still volatile which puts our performance trajectory into context. 26 percent ARR increase year-on-year combined with strong subscriptions renewals is setting us up for continued steady growth in 2024.” Heiden continued: “This means we are able to prioritize investment in people and in technology bringing even more innovation into our bi-annual releases.” Heiden concluded: “We have worked hard to get to this point, and we are seeing financial benefits deep into our business with all the metrics continuing to accelerate in the right direction.”

Investments in key markets such as the US, Europe, and Japan are slated to continue through 2024, bolstering regional performance by driving increased demand for IFS.ai. In Q1 the company also launched a significant brand campaign across the US, including out-of-home advertising at the largest airports in North America, becoming the Big Ten Conference’s Official Technology Partner, and a Patron of MIT’s Center for Information Systems Research.

IFS is also pleased to today publish the 2023 IFS Sustainability Report, which details the company’s strategy, approach and achievements delivering on its own sustainability targets as well as supporting customers to achieve their ESG goals. The report, alongside an ESG Fact Sheet, is available here: https://www.ifs.com/assets/all-products/ifs-sustainability-report-2023

Financial Highlights for Q1 FY2024:      

• Q1 FY2024 software revenue was EUR 217m, an increase of 19 percent versus Q1 2023.  
• Q1 FY2024 recurring revenue was EUR 209m, an increase of 21 percent versus Q1 2023.
• Q1 FY2024 net revenue was EUR 269m, an increase of 16 percent versus Q1 2023.

For more information about IFS’s historical financial performance, please visit: https://www.ifs.com/about/financial-information.

Contact information.

EUROPE / MEA / APJ: Adam Gillbe
IFS, Director of Corporate & Executive Communications
Email: https://www.ifs.com/about/financial-information.

Phone: +44 7775 114 856
NORTH AMERICA / LATAM: Mairi Morgan
FS, Director of Corporate & Executive Communications
Email: https://www.ifs.com/about/financial-information.
Phone: +44 7018 607 299

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LONDON, May 2, 2024 /PRNewswire/ — The Brattle Group has welcomed Federica Pietrogrande to the firm as a Principal in the firm’s Bankruptcy & Restructuring practice. Ms. Pietrogrande brings over two decades of global experience in restructuring, insolvency, and special situations.

“With her wealth of global experience and her proven expertise in navigating complex business and financial transactions and restructuring and insolvency matters, Federica will be a tremendous asset to Brattle’s clients,” said Torben Voetmann, Brattle President & Principal. “We are thrilled to have her on board as we expand our international securities capabilities to continue developing a cohesive, collaborative network of insolvency experts.”

Having worked with major financial institutions, large private investors, and corporations as a principal investor and as a legal advisor, Ms. Pietrogrande brings a unique interdisciplinary perspective to Brattle. She has managed complex restructuring and insolvency cases and litigations and orchestrated complex transactions across Europe and globally. She also has expert witness experience in US litigations.

“Recent legal developments have significantly increased the demand for independent experts in restructuring and insolvency cases in the UK and Europe,” said Ms. Pietrogrande. “I’m thrilled to join Brattle and to continue expanding its broader securities team, including the Bankruptcy & Restructuring practice, into Europe alongside my esteemed colleagues.”

Prior to joining Brattle, Ms. Pietrogrande was Managing Director of International Strategy and Capital at a global distressed investment, restructuring, and valuation firm. She previously was the Head of Restructuring & Insolvency at the Italian office of an international law firm.

To learn more about Ms. Pietrogrande, please see her full bio at https://www.brattle.com/experts/federica-pietrogrande/.

ABOUT BRATTLE

The Brattle Group answers complex economic, finance, and regulatory questions for corporations, law firms, and governments around the world. We are distinguished by the clarity of our insights and the credibility of our experts, which include leading international academics and industry specialists. Brattle has 500 talented professionals across North America, Europe, and Asia-Pacific. For more information, please visit brattle.com.

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GENEVA, May 2, 2024 /PRNewswire/ — FlowBank, the innovative Swiss online bank, proudly unveils its lineup for the second edition of the FlowBank Championship. Leading figures including Anthony Joshua, Israel Adesanya, Antoine Dupont, Ana Marković, Esteban Ocon, and Peter Sagan are set to compete in this distinctive online trading competition scheduled from May 1 to May 31, 2024. Following the resounding success of the inaugural 2023 FlowBank Championship, these sports icons are eager to showcase their trading skills and highlight the accessibility of financial markets to their fans and online communities.

Charles Henri Sabet, founder of FlowBank, expressed his excitement for the event’s return, stating, “The remarkable engagement we witnessed last year underscores the triumph of this initiative. It not only drew significant attention to the parallels between sporting excellence and trading but also underscored the importance of financial literacy. Elevating the competition in its second year was a natural progression for us.”

In an exciting development, Alexander Zverev, FlowBank ambassador and third-place finisher in the inaugural edition, will take on a mentorship role. “Transitioning from competitor to mentor is invigorating. Having navigated the challenges these athletes will encounter in this competition, I eagerly anticipate sharing my insights and guiding this year’s exceptional group of athletes,” Alexander Zverev remarked.

Throughout the championship, FlowBank will provide athletes with tools, platforms, and resources to deepen their understanding of financial markets as they compete for the title of top trader on a virtual portfolio.

Simultaneously, the FlowBank community will gain unprecedented access to the athletes’ trading strategies, with opportunities to enhance their financial literacy through tailored educational content, including podcasts and comprehensive articles.

“The FlowBank Championship is more than a competition; it underscores our dedication to democratizing access to financial markets, nurturing an informed and engaged community,” concluded Charles Henri Sabet.

The FlowBank Championship will also feature insights from longstanding FlowBank ambassador Severin Lüthi and tennis legend Martina Hingis, with Hingis providing commentary and analysis in a weekly podcast throughout the competition.

Beyond the FlowBank Championship, FlowBank remains the primary sponsor of Swiss Tennis, Swiss Ice Hockey, and the Gonet Geneva Open, reinforcing its steadfast support for Swiss sports across all levels and bolstering its sponsorship portfolio.

Since its inception in November 2020, FlowBank has witnessed remarkable growth and continues to expand its services. Presently, FlowBank offers access to over 50,000 financial instruments and stands as the only Swiss bank to offer zero commission on Swiss stocks, alongside the lowest trading fees in Switzerland. The bank remains committed to ongoing investments in technology, innovation in features and products, and above all, prioritizing the client experience.

Follow @flowbank on social media for the latest news and updates on the FlowBank Championship.

About FlowBank

Established in 2020 by CEO Charles Henri Sabet, with headquarters in Geneva and an office in Zurich, FlowBank presently employs 140 experts. The bank delivers online investing and trading services, providing access to over 50,000 financial products at competitive prices. Recently recognized as Switzerland’s most competitive trading provider by Neue Zürcher Zeitung, FlowBank is licensed by the Swiss Financial Market Supervisory Authority (FINMA) and is a member of esisuisse. Additionally, it holds membership in the Swiss Bankers Association.

Facebook: FlowBank@FlowBank
Instagram: @flowbank
LinkedIn: FlowBank
X: FlowBank@flowbank_sa

Media Contact
FlowBank SA
Caroline Puder-Lévy, Chief Marketing Officer
Esplanade de Pont-Rouge 9
1211 Geneva 26
[email protected]
+41 22 888 6409

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