IFS, the global enterprise applications company, today announced its financial results for the first quarter—January to March of 2021. After a strong 2020, Q1 results point to a continuation of the growth trajectory across the entire business and specifically in recurring revenue, cloud revenue and service management revenue.

After a strong 2020, Q1 results point to a continuation of the growth trajectory across the entire business and specifically in recurring revenue, cloud revenue and service management revenue.

IFS’s position as the global vendor of choice for companies transforming their business models away from selling products towards selling services and outcomes is validated by its Q1 performance and the triple-digit growth of its service management business at 103 percent.

IFS’s Q1 hits significant markers with recurring revenue over 80% of software revenue, cloud revenue growth at 102% and representing over 50% of recurring revenue

Q1 also saw some key milestones for IFS, which included:

The launch of IFS Cloud, which was the most significant in the Company’s history. It brings IFS’s entire depth and breadth of functionality into a single platform. Deployable in a modular way, on-premises or in the cloud, it not only supports a composable enterprise but with digital innovation natively part of the product, it also accelerates digital transformation. 

The acquisition of Axios Systems extends the Company’s enterprise service management proposition with IT Service Management (ITSM) and IT Operations Management (ITOM) functionality and creates new opportunities for IFS and Axios customers alike. The combination of IFS and Axios Systems is instrumental in extending IFS’s ambition to cement itself as the market leader in the service space.

The global launch of IFS’s Moment of Service positioning and new branding took place in February. This set out IFS’s clear strategy to align its value proposition to servitization and become the default vendor for organizations who want to be their best when it matters to their customers—at the Moment of Service. 

IFS CEO Darren Roos commented, “The launch of IFS Cloud in Q1 was the most important launch in company history. It was a milestone that delivers on our promise of helping customers create truly amazing moments of service. The impressive performance and growth of our cloud and service management business is evidence that customers value that we understand their needs and are delivering products that support their journey.” He added, “In addition to our organic growth, we are strengthening our proposition with the addition of Axios Systems to ensure we remain the de facto leader for companies that want to differentiate in how they deliver and profit from service.”

IFS Chief Financial Officer, Constance Minc, added, “I believe Q1 is representative of the recognition IFS is getting in the cloud software market. By continuing to deliver double-digit recurring revenue growth at 24 percent we are showing a consistent upward trend in our performance and in the quality of our revenue mix. With our cloud software revenue now representing 40 percent of our total software revenues and 50 percent of recurring revenue, IFS is hitting some very significant milestones.”

Other financial highlights:

• Q1 software revenue was SEK 1.2 billion, an increase of 13 percent Year on Year
• Q1 recurring revenue was SEK 1.0 billion, an increase of 24 percent Year on Year and representing more than 80 percent of software revenue
• Q1 cloud revenue increased 102 percent Year on Year representing more than 40 percent of software revenue (cloud revenue defined as all revenue streams associated with a cloud deployment deal)
• Proportion of license revenues from new customers up to 57 percent.

* Note: all figures based in Swedish Krona and reported in constant currency. Service management revenue growth normalized for one large deal in Q1 2020.

Learn more at www.ifs.com/corp/company/financial-results/.

Further Reading:

• Read more about Leadership and Strategy @ www.fieldservicenews.com/leadership-and-strategy
• Find out more about IFS @ www.ifs.com/
• Read more about IFS on Field Service News @ https://www.fieldservicenews.com/ifs
• Learn more about IFS Q1 Financial Results @ www.ifs.com/financial-results/
• Follow IFS on Twitter @ twitter.com/ifs

In the first article of a series of excerpts from a recent e-book published by IFS, we look at ground-breaking service capabilities that enable you to maximize customer outcomes.

---

This feature is just one short excerpt from an e-book recently published by IFS.

www.fieldservicenews.com subscribers can read the full e-book now by hitting the button below.

If you are yet to subscribe you can do so for free by hitting the button and registering for our complimentary subscription tier FSN Standard on a dedicated page that provides you instant access to this white paper PLUS you will also be able to access our monthly selection of premium resources as soo as you are registered.

---

Data usage note: By accessing this content you consent to the contact details submitted when you registered as a subscriber to fieldservicenews.com to be shared with the listed sponsor of this premium content IFS who may contact you for legitimate business reasons to discuss the content of this white paper, as per the terms and conditions of your subscription agreement which you opted into in line with GDPR regulations and is an ongoing condition of subscription.

---

Deliver Amazing Moments of Service

In today's customer-driven environment, service is more relevant than ever before. Why? Because it enables differentiation in a crowded, competitive market and is a key revenue driver for future business growth.

In recent years, service has also become the face of your business. As such, it is often the catalyst of customer frustration or adoration and an opportunity to show how you're using technology in intelligent ways, not just to track customer behavior or save on the buttom line, but also to create transformational experiences for your customers. We call these 'Moments of Service'.

These are the moments when everything comes together, when the hundreds of decisions, thousands of processes and people all align to deliver your company at its best. Whether you manufacture heavy industrial equipment, undertake complex construction projects, manage aerospace assets or operate a huge electric or water utility, it takes your entire organisation to deliver value at the exact moment when your customers are engaging and interacting.

Great Moment of Service connect you to your customers and drive greater brand loyalty. But delivering these kinds of experiences requires you to refocus your business on services and outcomes instead of porducts. It also requires next-generation technology that can predict and prevent asset downtime, automate manual activities inside and outside businesses, offer out-of-the-box innovation, and reduce operational costs.

But just how are industry innovators rising to meet these challenges? And how can the right technology help you embrace the service delivery models of the future, such as predictive maintenance and outcomes-based service capabilities, that will enable you to deliver amazing customer experiences?

"As a manufacturer, we must think about how to evolve our operations to ensure the customer outcomes of uptime and information are met. IFS has been instrumental in enabling us to differentiate on service and has prepared us for the future of service."

Dietmar Schmitz, Head of Product Development Service, Eickhoff.

Service is the New Product. And It Enables the Move to Outcomes

The Challenge

Delivering products, even ground-breaking products, is no longer enough to win the hearts and minds of your customers.

Instead, businesses need to deliver a customer's desired outcome for their product, equipment or asset, and often before the customer has even thought to ask for it. Whether it's B2B or B2C, all customers want greater value from their investment, and that means providing a service that works for them, exactly how they want it to. The additional challenge, however, is for service organizations to deliver this in a way that's sustainable and cost-effective.

The Solution

The global pandemic has driven companies of all types and sizes to adopt a customer-outcomes mindset, even for those outside of traditional service provision businesses. In all industries, we are seeing that customers and consumers are willing to pay a premium for better service and a guaranteed outcome.

As your business evolves from seeling products, to selling services as a product to providing outcomes-based service performances, value is delivered through the contract you provide - which safeguards and maintains the uptime of your customers' assets.

"It's inevitable: selling products as services will become a major component of businesses over the next decade."

Aly Pinder, Product Director, Service Innovation & Connected Products, IDC.

For all service organizations, regardless of industry, the move to outcomes provides peace of mind to customers while also giving you more recurring revenue streams and the ability to offer even longer - and ultimately more profitable - contracts. Shifting your entire organization to deliver optimized outcomes and experiences for your customers cannot be done overnight, and it cannot be done alone. Businesses need the right technology and an experienced partner to help them navigate the evolution from simply maintaining customers' equipment to optimizing its performance, extending its lifecycle, and being able to predict failures, enabling your team to take corrective action before your customer experience downtime.

Look out for the next feature from the e-book "The Future of Service Management Technology" next week where we look at two major service challenges to overcome when it comes to the service workforce.

---

This feature is just one short excerpt from an e-book recently published by IFS.

www.fieldservicenews.com subscribers can read the full e-book now by hitting the button below.

If you are yet to subscribe you can do so for free by hitting the button and registering for our complimentary subscription tier FSN Standard on a dedicated page that provides you instant access to this white paper PLUS you will also be able to access our monthly selection of premium resources as soo as you are registered.

---

Data usage note: By accessing this content you consent to the contact details submitted when you registered as a subscriber to fieldservicenews.com to be shared with the listed sponsor of this premium content IFS who may contact you for legitimate business reasons to discuss the content of this white paper, as per the terms and conditions of your subscription agreement which you opted into in line with GDPR regulations and is an ongoing condition of subscription.

---

 

Further Reading:

• Read more about IFS on Field Service News @ www.fieldservicenews.com/ifs
• Read more about Digital Transformation @ www.fieldservicenews.com/digital-transformation
• Learn more about IFS @ www.ifs.com
• Download the IFS Service Managers Buyer's Guide @ www.ifs.com/assets/service-management-buyers-guide/
• Learn more about IFS Cloud @ www.ifs.com/ifs-cloud-overview/
• Follow IFS on Twitter @ twitter.com/ifs

Today, on Earth Day, IFS announces its promise to sustainability through a plan to improve the company’s own operations, enable customers to achieve their sustainability goals, as well as influence the industry at large to improve its accountability to our environment.

IFS’s values, culture, and business model are linked to its vision to provide the best possible experience to its customers. The relationship between this vision, leading by example and providing sustainability technology are key to systematizing a sustainable mindset and behavior.

The multi-year plan lays out the company’s stepped approach and commitments for the next three years and brings IFS’s long-term thinking on the importance of sustainability internally and its ecosystem and owners to the fore.

The three-year plan will create positive impact in IFS’s own business, its customers’ and through industry-wide action

The stepped approach will be established around three core pillars:

1. Our own business

In line with the United Nations Sustainable Development Goals, IFS has identified several areas where it increase its focus for greater impact.

• Education – the IFS Education Program already works with nearing 80 universities and higher education institutions globally. The program provides scholarships, grants, IT equipment, as well as practical knowledge through internships and mentorships for students. Over the course of the next three years, IFS plans to expand the program to 150 institutions globally.
• Carbon emissions – in a program started in 2019, IFS committed to reducing its carbon footprint in part through consolidating its real-estate and improving the green credentials of its properties. From mid-2019 to date, IFS has reduced the square meterage of its global real estate by 9.5 percent, shrunk its car fleet by 86 percent versus 2019 and is committing to reach carbon neutrality by 2025.
• Philanthropy – IFS champions and partners with the IFS Foundation to alleviate poverty and other social ills in Sri Lankan rural villages - Sri Lanka is home to the largest proportion of the IFS workforce. The IFS Foundation’s mission is to help improve the living standards of people in the countryside by addressing aspects of health, water and sanitation, education, and economy, and resulting in a self-sustained community. Corporate social responsibility (CSR) initiatives in Sri Lanka have already improved the lives of over 3,000 people. IFS supports the IFS Foundation’s planned expansion to encompass additional areas within remote and rural areas of Sri Lanka.
• Developing an Impact Mindset: IFS is looking for ways to further accelerate its employee awareness of and contribution to the sustainability agenda. We will be introducing a framework to trigger people's mindsets and to guide engagement. The framework will drive how the company is making it possible for its employees to impact sustainability as individuals and assess how successful IFS is at engaging its workforce behind the Impact Mindset.
  • Volunteering – all employees are given the opportunity to invest one workday a year to support a charitable cause of their choice. In 2023, we strive to have the equivalent of three years’ worth of work invested by our employees
  • Employees – IFS has set the bar high against peers in the industry in terms of diversity in employee mix sets. For example, women make up 34 percent of the business, above the industry average for tech
    • We will continue to drive grass-roots programs such as the IFS Education Program to foster diversity across the industry
    • The health and wellbeing of employees remains top of mind, with a new program being launched for employees across the world and measured by twice annual employee surveys
  • Governance – IFS has always maintained policies on Human Rights and Anti-Slavery and will further ensure that this is not only in line with UN criteria and reporting and but also pervasively included in the education of its employees.

2. Our customers’ businesses

Increase energy efficiency: In March 2021, IFS launched IFS Cloud, is a single platform that IFS customers can deploy on premise or in the cloud in a modular way taking advantage of the latest technologies and thus reducing needless computer processing and storage. When deployed in the cloud, such as on Azure, IFS Cloud is 52-79 percent more energy efficient than compute equivalents deployed in traditional data centers, and storage is 71-79 percent more energy efficient than storage equivalents deployed in traditional enterprise data centers*.

Sustainability technology to give back: Recognizing the need and pressures many customers must monitor, manage, and report on their own sustainability goals and commitments, IFS is producing a new module within IFS Cloud specifically for sustainability management. With so much information held within the value chains that IFS Cloud connects, this new module will be offered as standard, to all IFS Cloud customers in late 2021. IFS will donate a share of the license revenue generated by the module to sustainability causes.

Innovation for sustainability: To propel the ideation and delivery of added sustainability scenarios for IFS Cloud, a yearly hackathon will be launched on the 21^st April and will run for three days across Earth Day (Thursday 22^nd April). Teams from all over IFS’s research & development (R&D), customer-facing and internal divisions are taking part together with our partner ecosystem. Please contact us here if you are interested in joining one of our teams. IFS will also continue to strengthen its IFS Incubator program along the 10 principles are the key statements that describe how we implement sustainability at IFS at the corporate level, in our businesses and at the regional level.

3. Our industry at large

To raise awareness around the importance of sustainability at a macro level and to help improve its own approach to sustainability, IFS will be making two significant appointments, one internal in creating the role of Director Global Sustainability (ESG) and one external by appointing Lewis Pugh as its Sustainability Ambassador. Lewis Pugh is the UN Patron of the Oceans. Pugh will influence IFS’s sustainability plan, as well as engage with the IFS ecosystem to challenge and celebrate sustainability best practice.

Commenting on his appointment, IFS Sustainability Ambassador, Lewis Pugh said: “We need governments, businesses and individuals to all play a role in making positive change. I am pleased to be working with IFS whose team is clearly taking the issue of sustainability seriously. Having the ability to engage with their ecosystem of customers and partners presents an opportunity to have an impact at scale.” He continued, “Climate change is an existential threat to life on earth. We now need all hands-on deck to tackle this crisis.”

Darren Roos, CEO of IFS, added: “IFS has a long-term responsible approach to creating value for customers. By considering sustainability as an integral part of our business model we not only capture value creating opportunities, but we can mitigate risks so and stay on course to be successful in our sustainability strategy.” Roos continued, “The progress achieved over the last couple of years to improve IFS’s approach to sustainability has been meaningful, but with the launch of this multi-year plan we are making commitments and make ourselves accountable. This is meaningful to our customers, our employees, our owners and our community at large.”

To find out more about how IFS is helping customers achieve their sustainability goals, please visit: ifs.com/sustainability

Further Reading:

• Read more about Leadership and Strategy @ www.fieldservicenews.com/leadership-and-strategy
• Read more about Sustainability on Field Service News @ www.fieldservicenews.com/sustainability
• Find out more about IFS @ www.ifs.com/
• Read more about IFS on Field Service News @ https://www.fieldservicenews.com/ifs
• Learn more about IFS Commitment to Sustainability @ ifs.com/sustainability
• Follow IFS on Twitter @ twitter.com/ifs

In the first article of a series of excerpts from a recent white paper published by Aquant, we look at the disruption and the challenges presented by he ongoing generational shift for service organizations of all sizes...

---

This feature is just one short excerpt from a white paper published by Aquant

www.fieldservicenews.com subscribers can read the full white paper now by hitting the button below.

If you are yet to subscribe you can do so for free by hitting the button and registering for our complimentary subscription tier FSN Standard on a dedicated page that provides you instant access to this white paper PLUS you will also be able to access our monthly selection of premium resources as soo as you are registered.

 

 

---

Data usage note: By accessing this content you consent to the contact details submitted when you registered as a subscriber to fieldservicenews.com to be shared with the listed sponsor of this premium content Aquant who may contact you for legitimate business reasons to discuss the content of this white paper, as per the terms and conditions of your subscription agreement which you opted into in line with GDPR regulations and is an ongoing condition of subscription.

---

 

Your most seasoned service techs are retiring. Do you have a plan to replace them? And how do you know how to transfer years of experience to junior staff quickly?

How can organizations like yours attract, retain, and quickly bring up-to-speed younger workers before your seasoned pros retire? The solutions to these challenges, according to industry experts and leading service leaders, include:

• Leveraging the latest digital technologies that empower less experienced employees to succeed by democratizing knowledge
• Promoting continuous learning and development on your service teams
• Setting your people up for success in a post-pandemic world filled with uncertainty and accelerating change

An Ongoing Generational Shift

---

This feature is just one short excerpt from a white paper published by Aquant.

www.fieldservicenews.com subscribers can read the full white paper now by hitting the button below.

If you are yet to subscribe you can do so for free by hitting the button and registering for our complimentary subscription tier FSN Standard on a dedicated page that provides you instant access to this white paper PLUS you will also be able to access our monthly selection of premium resources as soo as you are registered.

 

 

---

Data usage note: By accessing this content you consent to the contact details submitted when you registered as a subscriber to fieldservicenews.com to be shared with the listed sponsor of this premium content Aquant who may contact you for legitimate business reasons to discuss the content of this white paper, as per the terms and conditions of your subscription agreement which you opted into in line with GDPR regulations and is an ongoing condition of subscription.

---

 

Further Reading:

Durabook, the global rugged mobile solutions manufacturer, today announces a distribution agreement with Akhter Computers, provider of customised computer solutions.

The partnership will see Akhter selling Durabook-based solutions primarily into defence, government, public security and blue light organisations across the UK. As a prime partner for MoD organisations, Akhter is well placed to deliver innovative, customised solutions depending on need and environment.

the partnership will expand durabook's reach into defence, public safety and blue light sectors

Durabook continues to grow its customer base in the government and public security sectors around the world, including police and air forces, healthcare and military. The partnership with Akhter aims to extend this success in the UK, as defence and public security organisations look to innovate, and adopt the latest technologies even while budgets are squeezed. In return, Durabook offers greater margins, unmatched customisation and support for its distribution and reseller partners.

Alan Laffoley, CEO & Technical Director at Akhter comments; “Akhter has served the Ministry of Defence clients since 1985 and so understands the pressures of sourcing to the best-value and price-performance stipulations of government procurement guidelines. Durabook’s extensive customisation options and capabilities enables us to create more compelling solutions tailored to the varied needs of defence organisations and deliver them in a timely way.”

For more information on Durabook rugged tablets and laptops, please contact Akhter on durabook@akhter.co.uk or visit https://www.akhter.co.uk/durabook/.

Further Reading:

• Read more about Digital Transformation @ www.fieldservicenews.com/digital-transformation
• Find out more about Durabook @ www.durabook.com/
• Read more about Durabook on Field Service News @ www.fieldservicenews.com/all-about-durabook
• Learn more about Akhter @ www.akhter.co.uk
• Follow IFS on Twitter @ twitter.com/Durabook

IFS today announces the appointment of Johan Made as Chief Commercial Officer. In the newly created role, Made will be responsible for driving IFS’s growth strategy through inorganic investments and development initiatives, including mergers & acquisitions. The appointment is a further signal of IFS’s ambition to extend its leadership as the technology platform of choice for companies who want to create and deliver amazing moments of service for their customers. Michael Ouissi, IFS’s Chief Customer Officer will continue to focus on driving growth organically.

Made will join the IFS Executive Leadership Team at an important time of IFS’s growth journey. With the recent launch of IFS Cloud, IFS is well positioned to help more customers realize value faster and drive the cost of ownership down. The powerful technology is not only a new proposition for customers, but IFS Cloud is also changing how IFS operates, with twice yearly updates that will keep customers evergreen, a Voice of the Customer program that sets a new industry benchmark, and rapid innovation-to-impact capabilities. Together with his team, Made will help drive growth opportunities for customers and accelerate IFS’s own growth journey.

IFS strenghtens its executive leadership team to further improve commercial strategies and capabilities

Commenting on the appointment, Darren Roos, CEO at IFS, said: “Johan is a passionate leader who is known for helping people and companies achieve their best. We have worked together before, so I have seen him in action. Johan will be a great addition to my Executive Leadership Team, and I’m looking forward to seeing his contribution help us build on the momentum we have achieved in the market, as well as further improve our commercial strategies and capabilities”.

Johan Made, Chief Commercial Officer at IFS, added: “IFS has been on my radar for many years. However most recently I have seen the company transform into the most agile and customer-committed vendor in the industry – clearly this was something that was attractive to me. There is a lot of opportunity for further growth and I believe IFS has the right people, technology, and partners to move faster and add more value to its customers than any of its peers. These are the ingredients that enable IFS itself to deliver amazing moments of service to its own customers.” He continued: “With the continued support from EQT and TA, I am looking forward to putting in motion new strategic initiatives that will achieve strong value for our customers, partners and employees.”

Chairperson of IFS, Jonas Persson, said: “Adding the industry’s best talent is hugely important for any growth business like IFS. Having achieved 26% YoY growth in software revenue in 2020, it makes perfect sense to have Johan join us. He has a stellar track record, really understands the market, and is hugely passionate in the way he leads.”

Made joins IFS from Infor where he was EVP for North, West & East Europe. Prior to Infor, Made was Managing Director for SAP in Sweden, and has also held senior leadership roles at Oracle, Hyperion and IBM.

Find out more about IFS’s leadership team here.

Further Reading:

• Read more about Leadership and Strategy @ www.fieldservicenews.com/leadership-and-strategy
• Read more about IFS on Field Service News @ https://www.fieldservicenews.com/ifs
• Find out more about IFS @ www.ifs.com/
• Learn more about IFS Cloud @ www.ifs.com/corp/ifs-cloud
• Follow IFS on Twitter @ twitter.com/ifs

Join Microsoft and HSO experts on 27th April for a one-day field service masterclass dedicated to transforming your business, explore the role of servitization and see the benefits Microsoft Dynamics 365 Field Service can bring to your organisation.

Field Service Masterclass 27^th April – Transforming Service Delivery

A one day masterclass dedicated to transforming your business by connecting people, data & equipment to deepen customer loyalty & deliver profitable field service operations.

Adoption of new technology is at the forefront of both customer and field service organisations’ minds, with a combination of mobility, social media, cloud computing, IoT capabilities and more significantly, changing behaviours & expectations. In this landscape, companies need to revisit their infrastructure and processes to ensure that they are capable of delivering a service that puts the needs and desires of their customers first.

Join Microsoft & our HSO field service experts for a field service masterclass where we will explore the role of servitisation to supplement traditional product offerings, discuss ways in which the industry is evolving from a customer and technology perspective, & see the benefits Microsoft Dynamics 365 Field Service can bring to your organisation in both building customer trust &  embracing the gig economy.

Places for the Masterclass are limited so please apply for your place on this popular virtual event today. Find out more.

Download the agenda here.

Further Reading:

• Find out more about HSO Field Service Masterclass here
• Read more about Digital Transformation @ www.fieldservicenews.com/digital-transformation
• Read more about Service Delivery @ www.fieldservicenews.com/service-delivery
• Learn more about HSO @ www.hso.com
• Read more about HSO on Field Service News @ www.fieldservicenews.com/hso

In an announcement that sent shockwaves across the world late last night, a consortium of high profile technology and business leaders have delivered a signed petition simultaneously to multiple national and extra-national governmental agencies including the US Senate, EU Council and CCP's National People's Congress to urge them to turn off the Internet of Things for an entire week once a month in a bid to combat climate change...

The official petition, which is being dubbed the 'slight reset' has over a hundred signatures of influential and powerful CEOs and is reported to have been largely driven by Bill Gates, whose company Microsoft could lose a significant amount of revenue if the plan goes ahead.

However, Gates, a well know philanthropist, is apparently prepared to risk denting his earning potential in a bid to save the world. A source close to Gates said 'Bill really just wants to make a difference and he already has his team working on bio-internet applications that could bridge the gap during each month's 'slight reset.'. 

"The idea is that we can harness some of mother Earth's natural resources as organic data warehouses, during the planned downtime, and utilise these to re-upload the missing data after each reset," the source added. 

It is not clear exactly what organic data warehouses may look like although a clue may be in a small Scottish company Gates recent acquired EcoLokate who have a number of patents registered in the area of bio-sonar data transmission. Notably, in 2012 Dr. Ewan Nether-Beleefis, founder and CEO of EcoLokate published a report in leading journal Science on an exciting experiment in which he and his team completed the first successful transmission of data from one species to another via bio-sonar telemetry utilising a bat and a dolphin.

"Simply by turning off the IoT for a few days once a month, we could extend the life expectancy of our planet by 42% long term

The data transfer, which was a txt file containing the phrase 'So long and thanks for all the fish' was heralded at the time as a potential mechanism for wide-scale bio-internet potential, although many questioned the veracity of the work. 

Spokesperson for the Slight Reset collective, Prof. Ima Fulovitz gave the following statement from their home in Springfield, Oregon, USA. 

"The aim of this group is simple. We are not looking to take away your internet, not at all. In fact, during the slight reset primary internet will remain in place. It is just the internet of things (IoT) that we are pushing to be shut down. And remember, this is only a temporary pause each month to allow the planet to simply catch its breath.

"Many people don't realise that every single nano-transaction on the IoT creates a fractional outlet of Carbon Dioxide. While it is only a trace amount each time, given that there are 22 Billion devices all over the world, the impact of this soon stacks up.

"Our recommendation, based on hard, factual, real science numbers is that simply by turning off the IoT for a few days once a month, we could extend the life expectancy of our planet by 42% in the long term. If we don't do it the Earth could potentially become uninhabitable by 15:32 CST on October 19 this year. 

"We need to act now. Yes it will be a pain having to turn the lights on with our hands and of course we'll all miss our morning chat with our AI enabled toaster, but its' worth it just once a month to stop the oceans boiling."

Of course, for the field service industry which has recently only just reached a point of mass adoption and adjusted to a new connected world this news could be hugely damaging. 

"I really think that all sides of this conversation need to be considered before we make any rash judgments," urged Kris Oldland, Editor-in-Chief of Field Service News. 

"Important people need to look at every piece of information here, starting with a close look at the date." 

Further reading:

• Read more about bio-sonar telemetry and its potential in field service here 
• Read more about the Slight Reset here
• Read more about challenges of the IoT and the Environment here 
• Double check what day this was published here

Trackunit has announced that Hg, a leading global software investor, has agreed to acquire a controlling interest in the company from Goldman Sachs and GRO Capital.

The addition of Hg as the new owner provides specialized software-as-a-service (SaaS) expertise at a time of increasing technology mobilization within the construction industry. Trackunit, a global leader in software-led telematics solutions for off-highway vehicles and the construction market, is now positioned to intensify its global expansion.

Hg is a leading global software investor, with capabilities to support Trackunit accelerated growth programme

Commenting on the new investment, Soeren Brogaard, CEO, Trackunit stated, “GRO Capital and Goldman Sachs have been exceptional partners during the last five years and helped us solidify our mission and execute against it. We are proud to have attracted investment from Hg, which comes at a tipping point for the digitalization of construction. Hg’s understanding, experience and focus on scaling leading SaaS companies provides Trackunit with a knowledgeable partner to consolidate and realize our ambitions in a growing global industry.”

Florian Wolff, Partner at Hg, said: “Soeren and the team have led Trackunit to create a best-in-class, SaaS product for its ever-growing customer base. The business has become a key leader and long-term winner in what is a very interesting, global niche segment. We believe that the business has significant organic growth and attractive expansion opportunities ahead of it. We’re really excited about what we can achieve together.”

Nick Jordan, Partner at Hg, said: “Trackunit is a very high-quality business. We believe that Hg’s deep sector knowledge and operational expertise in the software and telematics space will add further support to this impressive track-record. Our experience in internationalization, the evolution of software and data and the further development of sales channels will add up to an even greater experience for Trackunit’s customers, as well as an exciting growth trajectory for the business.”

Construction industry reached tipping point for Digital Transformation

Recent market reports from IDC Worldwide and McKinsey - the next software disruption – illustrate that SaaS has achieved over 25% share of the market for software solutions in the construction sector. Moreover, the increase in connectivity is growing and will amplify the opportunity for SaaS solutions across a global market.

Trackunit is a driving force in the digitization of the construction sector, serving equipment manufacturers, rental companies and contractors, connecting construction equipment and processing data to the cloud to deliver value-added insights. With the new owners on board the Trackunit team remains committed to solving the industry’s needs, but at a faster pace and with greater ambitions.  Customers will benefit from additional investments in product, technology and new services.

Closing of the transaction is subject to customary regulatory requirements and approvals.

Further Reading:

• Read more about Digital Transformation @ www.fieldservicenews.com/digital-transformation
• Read more about the Construction Industry on Field Service News @ www.fieldservicenews.com/construction
• Read more about Trackunit on Field Service News @ www.fieldservicenews.com/trackunit
• Find out more about Trackunit @ www.trackunit.com
• Learn more about HG @ hgcapital.com