Software firm IFS seeks to make acquisition in 2014

Thursday, 6 February 2014 00:00 - - {{hitsCtrl.values.hits}}

STOCKHOLM, (Reuters): Swedish enterprise software maker IFS plans to make another acquisition in 2014 and targets companies worth around $ 20 million, Chief Executive Alastair Sorbie told Reuters on Wednesday. “During the course of the year, we would be looking for M&A-activity,” Sorbie said, adding that the company normally does about one acquisition per year and that this is the aim for 2014 as well. IFS last year took a break from acquisitions as management was occupied with an efficiency program and the firm also bought back a joint venture. “We prefer to do acquisitions from the cash we have,” Sorbie said. The company earlier on Wednesday reported net revenues of 790 million Swedish crowns ($ 121.06 million) in the fourth quarter. Its key license revenues grew by 19% on a currency adjusted basis to 208 million crowns. Earnings before interest and taxes (EBIT) rose to 164 million crowns in the fourth quarter from 131 million a year before. For 2014, IFS expects strong license growth and a significant improvement in EBIT.

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