IFS, a leading global cloud enterprise software company, has announced the promotion of Mark Moffat to the position of Chief Executive Officer (CEO). Moffat succeeds Darren Roos, who has been appointed as the company’s Chair of the Board. Both appointments are effective immediately.

This transition builds on the successful strategy that has transformed IFS into a top vendor for Asset & Service Management software, ensuring business continuity. Over the past six months, Moffat, Roos, and the IFS Executive Team have been working on this transition as part of the Board’s succession planning process.

Previously serving as IFS’s Chief Customer Officer, Moffat is a highly regarded technology leader who held several senior roles at PwC before joining IFS.

Commenting on his appointment, Mark Moffat, CEO of IFS, said, “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 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.”

During Roos’ tenure as CEO, IFS has seen its overall revenues more than triple and has evolved into a genuine Cloud business. Currently, 79% of total revenue is recurring, a significant increase from 36% when Roos joined the company. Thanks to consistent organic growth and industry-leading customer satisfaction scores, IFS has established itself as a trusted vendor for industry-focused applications that manage assets, people, and customers.

Darren Roos, Chair of the Board at IFS, 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.”

IFS is supported by a consortium of world-class investors, including EQT, Hg, and TA Associates. These investors, who have been collectively invested in IFS since 2022 in a transaction valuing IFS at over $10 billion, bring decades of software experience and back IFS for its next growth phase. IFS is set to release its financial results for FY2023 on January 30, 2024.