London-based tech company with ‘unlimited growth potential’ gets new chief
London-headquartered tech company IFS has announced a leadership shake up as it prepares for its next stage of growth.
The software company, which has over 600 employees in the UK including most of its management, has appointed Mark Moffat as chief executive, while previous boss Darren Roos takes on a new role as chair.
Moffat was previously IFS’s chief customer officer after more than two decades holding several senior tech positions at PwC.
He told City PM that he is “super excited” to be stepping up to take the reins as IFS is “fast growing”, with a 30 per cent compound annual growth rate on average over the last five years.
“Now is the time to take the next step in our journey and our growth and to really exploit what we’ve achieved to date to sustain and to build the team for the next phase,” Moffat said.
The Swedish business is currently worth $10bn (£7.8bn) but it wants to double this in the next two to three years.
He added that IFS’s growth potential is “literally unlimited” because the addressable market is “significant and instant”.
IFS, which has about 6500 customers, is focused on capital intensive industries such as manufacturing and utilities, telecommunications. Using AI, the company aims to help its clients identify disruptions in their operations, reduce operating costs and optimise business processes.
According to Moffat, IFS’s potential customers are thinking carefully about their technology choices. Compared to some of the bigger more established players like Salesforce, IFS is still relatively small so it sees massive headroom to grow and win deals.
Under Roos’ tenure as chief, IFS more than tripled its overall revenues. It now has almost 80 per cent of total revenue now recurring, up from 36 per cent when he joined in 2018.