IFS combines AI, and sustainability to drive regional growth

Sweden-headquartered IFS, an AI-driven cloud enterprise software company, will combine Artificial intelligence (AI) and sustainability to drive regional growth in the Middle East, said newly appointed IFS CEO, Mark Moffat.

Moffat, previously IFS’ Chief Customer Officer, is a well-known and respected technology leader who held several senior positions at PwC before joining IFS.

The global brand's continued strategy to stay focused on its core industries and to extend its industrial AI capabilities with IFS.ai, have yielded very strong results in all regions. Moffat is very bullish about regional growth as his data-driven solutions equip customers to make real-time decisions that are aimed at empowering businesses in the long run.

Globally, IFS’ customers are accelerating its move to IFS Cloud which is a single cloud platform that allows customers to access the latest Industrial AI capabilities.

IFS is also helping major players across industries in the Middle East and is strengthening its footprint in the region. The brand works with organizations such as Wahaj in KSA, Port of Duqm in Oman, and other key industrial companies across the GCC.

IFS aims to help organisations optimise operational efficiency and increase business value while keeping sustainability at the core of their operations. The company’s growth trajectory for the full year ending 2023 recorded software revenue growth at 33 per cent year-on-year and cloud revenue up 46 per cent.

Moffat said: “AI and sustainability are a top priority for IFS and hence we appointed a chief sustainability officer directly onto our executive board in January. And now, in our R&D organisation, a chief AI officer has been appointed. I've made it a mission for us to become an AI-based company that in turn, will help deliver progress on the sustainability agenda.”

Moffat praised the UAE for proactively creating the Ministry of AI in 2017 to adapt futuristic developments.

“We'll be an AI company, making AI-centric products for our customers. There's an important distinction. It's not just about focusing on the product; it's about ourselves becoming an AI company. By being an AI company, we understand much more innately what it takes to make our customers successful,” said Moffat.

The global brand has extended its footprint in the region but bets heavily on UAE, Saudi Arabia and Egypt to evolve as growth drivers.

“The UAE and Saudi Arabia would be number one, certainly from a growth perspective, for sure. But there are several other markets where we think we could be phenomenally successful. Egypt is under close consideration right now as it is one of the biggest workforces in the region with over 60 per cent of the population under 30,” said Moffat.

IFS is currently focused on industries like aerospace and defence, utilities, manufacturing, services, telecoms, and construction. Moffat shared the company’s plans to open a new office and other potential investments in the region.

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 $10 billion. Together, they bring decades of software experience, backing IFS for its next wave of growth.

• KT Network