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 Sweden-based IFS reported revenue for the first quarter ended March 31 increased by 13 percent to about $143 million. The software company said this week recurring revenue increased by 24 percent to approximately $109 million.

Those were the only specific results released—no earnings were reported. IFS also said it had 103 percent growth in its service management business. That business should show significant growth in the current quarter as on March 22, IFS signed a definitive agreement to acquire Axios Systems, which makes products in that space. During the quarter, IFS was busy, launching a new brand and introducing a unified SaaS platform, IFS Cloud. Cloud revenue has been rising as a portion of revenue, CEO Darren Roos noted in a prepared statement. “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,” he said in  prepared statement. The company also reported license revenue from new customers increased to 57 percent that category.

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