Mark Moffat has been promoted to IFS Chief Executive Officer (CEO). Moffat takes over from Darren Roos who has been appointed as the company’s chair of the board. Both appointments are effective immediately.
The transition provides great continuity for the business by building on the successful strategy that has seen IFS transform into the leading vendor for Asset & Service Management software. Moffat, Roos and the IFS Executive Team have been working on the transition over the past six months as part of the board’s succession planning process.
Moffat, who was previously IFS Chief Customer Officer, is a well-known and respected technology leader having held several senior positions at PwC before joining IFS.
Commenting on his appointment, Moffat, CEO of IFS, said: “It is a great honor for me to lead IFS as we embark on this next chapter of growth. The business has immensely strong foundations to build upon and we have been putting all the right ingredients in place to continue to deliver on our strategy: a differentiated proposition, a hugely advanced and capable AI-based product, an engaged customer base, a motivated partner ecosystem, and of course our talented employee base.” Moffat continued: “I want to recognize and thank Darren for the impact he has had as my predecessor. I look forward to working with him in his new capacity as IFS Chair of the Board.”
Under Roos’ tenure as CEO, IFS has more than tripled its overall revenues and transformed into a true Cloud business, from both a product and revenue perspective with 79% of total revenue now recurring (up from 36% when he joined). Thanks to sustained organic growth and customer satisfaction scores that set the industry benchmark, IFS has become the trusted vendor for industry focused applications that help manage assets, people, and customers.
Roos commented: “I am thrilled to appoint Mark as my successor. He has a proven track record, brings a strong network, and is a great leader that people want to follow. I am proud of all that has been achieved since I joined IFS and want to thank the thousands of women and men throughout the business who have lived our shared values and made our customers successful. I am pleased to be continuing my journey with IFS, albeit in a different capacity. There is so much opportunity in the market and, together with the board, I will work with Mark and his team to ensure we effectively capture it.” Roos concluded: “I take over as chair of the board from Jonas Persson, who I want to thank for his great governance and counsel over the years.”
Johannes Reichel, partner at EQT (majority owner of IFS), added: “Darren and the leadership team have delivered phenomenal results in turning IFS into one of the fastest growing software businesses operating at scale. Mark has the right background and ambition that will enable IFS to take advantage of the opportunity ahead, and we look forward to him partnering with Darren as our new Chair of the Board.” Reichel added: “I also want to thank Jonas Persson who leaves the IFS Board, having been the Chairperson since EQT acquired the business. He will continue to serve as a Senior Advisor to EQT and is the Chairperson at several other EQT-owned software businesses.”
IFS is backed by investors EQT, Hg and TA Associates, a group of world-class investors that have been invested as a trio in IFS since 2022 in a transaction valuing IFS at over $10bn. Together they bring decades of software experience, backing IFS for its next wave of growth.
IFS plans to release its financial results for FY2023 on January 30, 2024.
