IFS AB (Industrial and Financial Systems) is an enterprise resource planning (ERP) software vendor specializing in asset-intensive, project-centric industries, such as manufacturing and distribution. It uses a single codebase of component-based software to tailor ERP for such industries as automotive, aerospace and defense, construction, energy, high-tech manufacturing, and oil and gas.
In addition to these industries, IFS also offers ERP products for companies that provide maintenance and repair services, making it a versatile option for businesses with complex operational needs.
History of IFS AB
Founded in 1983 in Linkoping, Sweden, IFS launched its first product, IFS Maintenance, in 1985, and five years later introduced IFS Applications, the suite that remains its flagship. IFS Applications was innovative, developed using object-oriented programming — a rare architectural choice for ERP at the time.
This component-based approach supported the development of a graphical user interface for ERP, which later evolved into web clients, Java portals and mobile applications. By 2002, every software component was available as a web service, according to IFS.
In 1996, IFS became a publicly traded company on the Swedish Stock Exchange, but in 2016 was taken private. The company’s expansion began in the early 1990s, first moving into bordering Scandinavian countries and then elsewhere in Europe. IFS reached North America in 1995 and, by the end of the decade, claimed to have a presence on every continent.
In 2009, the company began to acquire other companies, starting with MultiPlus Solutions, a maker of ERP for project-based industries, including shipbuilding. Over the next several years, IFS continued its acquisition strategy, expanding its capabilities with the purchase of mobile scheduling software vendor 360 Scheduling in 2010 and mobile service management vendor Metrix in 2012. In 2015, IFS acquired VisionWaves, a provider of operational business intelligence software.
In 2017, IFS deepened its field service portfolio by acquiring Mplsystems Limited, a developer of omnichannel contact center and customer engagement software, and Field Service Management Limited, an IFS implementation partner working in the U.K. and Ireland. The company also bought Mxi Technologies, a provider of maintenance software and services for the aviation industry.
IFS Applications and IFS Cloud
IFS’ main product line is IFS Applications, an integrated suite of enterprise applications that focuses on four core business processes: service and asset management, manufacturing, project management, and supply chain management. This suite is available in both on-premises and cloud versions, providing flexibility for organizations of different sizes and technological preferences.
In 2021, IFS launched IFS Cloud, a unified platform that integrates ERP, enterprise asset management (EAM) and field service management (FSM), offering businesses the ability to deploy the software in the cloud, on premises or in a hybrid environment. This cloud-first approach has enabled IFS to provide scalable and flexible services tailored to its clients’ needs.
In addition to core ERP functions such as financials and human capital management, the IFS Applications suite has modules for customer relationship management, business intelligence, document management and other common business processes. These modules aim to make IFS Applications a comprehensive ERP offering for businesses looking to streamline and optimize their operations across multiple domains.
Industry-specific and sustainable ERP
Industry analysts have recognized IFS for being among the leaders in EAM and FSM software. In recent years, IFS has consistently been positioned as a leader in these sectors by major industry reports, underscoring its strong capabilities and market presence.
Furthermore, IFS has expanded its focus on sustainability and environmental, social and governance initiatives, integrating features into IFS Cloud that help companies track and manage their sustainability metrics. These features are increasingly important as companies seek to align with global sustainability goals and regulatory requirements.
In 2022, IFS expanded significantly, with approximately 5,000 employees and more than 10,000 customers globally. The company continues to grow its user base and enhance its industry-specific ERP products, maintaining a strong presence in key sectors such as aerospace, defense, manufacturing and service management.
Check out our ultimate guide to ERP and use cases to consider before buying an ERP system. Explore the top EAM software products and features to look for in FSM software.