Global cloud enterprise software company IFS has announced a significant leadership transition, appointing Mark Moffat as its new Chief Executive Officer (CEO), effective immediately. The outgoing CEO, Darren Roos, will now assume the role of Chair of the Board. These changes, aimed at ensuring continuity and building on the company’s successful strategy, mark a pivotal moment for IFS.
Mark Moffat, previously serving as IFS’s Chief Customer Officer, brings a wealth of experience as a well-known and respected technology leader. Having held senior positions at PwC before joining IFS, Moffat is poised to lead the company through its next chapter of growth.
“It is a great honour for me to lead IFS as we embark on this next chapter of growth,” said Moffat. “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.”
Darren Roos, who played a key role in IFS’s transformation, expressed his enthusiasm for Moffat as his successor. Under Roos’ leadership, IFS has tripled its overall revenues, transforming into a true cloud business, with 79 percent of total revenue now recurring.
Roos stated, “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.”
The leadership transition has been part of a six-month process within the company’s succession planning, ensuring a smooth shift in responsibilities. Both Moffat and Roos have been actively working with the IFS Executive Team during this period.
Johannes Reichel, partner at EQT, IFS’s majority owner, expressed confidence in the leadership team’s achievements. “Darren and the leadership team have delivered phenomenal results in turning IFS into one of the fastest-growing software businesses operating at scale,” Reichel said.
The trio of investors, EQT, Hg, and TA Associates, who have been supporting IFS since 2022, collectively valued the company at over $10 billion. IFS plans to release its financial results for the fiscal year 2023 on January 30, 2024.
With this strategic transition, IFS aims to leverage its strong foundations, advanced AI-based product, engaged customer base, motivated partner ecosystem, and talented employee base to continue its success in the competitive cloud enterprise software market.
