For the year ended December 31, EBITDA was $154 million, an increase of 32 percent over the prior year. Net revenue of $668 million for the most recently ended year was 20 percent higher than 2018’s total. The two slower-growth areas are the ones impacting most software companies moving products to the cloud. Consulting revenue of $230 million was up 14 percent over the prior year while $202 million in maintenance revenue was 16-percent higher than the 2018 total. Business lines highlighted for license revenue growth were Field Service Management, whose license revenue was up 51 percent, and Aerospace and Defense business, which expanded by 38 percent from the prior year. The increases in SaaS revenue exclude WorkWave and Astea. The acquisition of Astea International, which markets field service management software, closed in December. Astea had revenue of $27.5 million for the year ended Dec. 31, 2019.
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IFS CLOUD, LICENSES REVS UP Featured
IFS turned in results for 2019 that don’t resemble many other software vendors—it has double-digit revenue growth for both license and cloud revenue. The Sweden-based sister to Acumatica reported a 56-percent increase in cloud revenue for last year and saw license revenue rise by 32 percent.
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