Mark Moffat appointed as CEO of IFS

IFS, the global cloud enterprise software company, has announced that Mark Moffat has been promoted to Chief Executive Officer (CEO). Moffat takes over from Darren Roos who has been appointed as the company’s Chair of the Board. Both appointments are effective immediately.

The transition provides continuity for the business by building on the successful strategy that has seen IFS transform into the leading vendor for Asset & Service Management software, IFS stated. Moffat, Roos and the IFS Executive Team have been working on the transition over the past six months as part of the Board’s succession planning process.

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

Commenting on his appointment, Mark Moffat, CEO of IFS, said: “It is a great honor 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.”

Under Roos’ tenure as CEO, IFS has more than tripled its overall revenues and transformed into a true Cloud business, from both a product and revenue perspective with 79% of total revenue now recurring (up from 36% when he joined).

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 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 $10bn.