The global cloud enterprise software company, IFS, has announced the appointment of Mark Moffat as its new global Chief Executive Officer (CEO), an upgrade from his former role as Chief Customer Officer.
Moffat's predecessor, Darren Roos, has been appointed as Chair of the Board, with both changes are effective immediately.
The transition, part of the Board’s succession planning process, has been implemented to ensure business continuity and building on the successful strategy to make IFS a leading vendor for Asset & Service Management software.
Moffat and Roos, along with the IFS Executive Team, have been preparing for the transition over the last six months.
Moffat brings to his leadership role a wealth of experience from his days at PwC, where he held several senior positions before joining IFS.
Speaking about his appointment as CEO, Moffat stated, “It is a great honour for me to lead IFS as we embark on this next chapter of growth. The business has immensely strong foundations to build upon... I want to recognise 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’s Chair of the Board.”
Under Roos’ stewardship, IFS has amplified its overall revenues more than three-fold, evolving into a true Cloud business with 79% of total revenue now recurring. Furthermore, the customer satisfaction scores of IFS set the industry benchmark, solidifying its status as the trusted vendor for industry-focused applications aiding in managing assets, people, and customers.
Discussing his new role, 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 pleased to be continuing my journey with IFS, albeit in a different capacity...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.”
Majority owner of IFS, Johannes Reichel, partner at EQT, praised the leadership team's phenomenal work, designed to transform IFS into one of the fastest-growing software businesses that operate at scale.
He expressed his conviction in Moffat’s ability to lead IFS forward successfully, and welcomed Roos as the new Chair of the Board. Reichel also expressed gratitude towards Jonas Persson, who leaves the IFS Board but remains a Senior Advisor to EQT.
IFS is supported by investors EQT, Hg, and TA Associates who have believed in IFS's growth potential since 2022, affirming a transaction value for IFS at over $10bn. The company will reveal its financial results for FY2023 on 30th January 2024.
IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build, and maintain assets, and manage service-focused operations. Within the company's platform, industry specific products are connected to a single data model and use embedded digital innovation.