ERP vendor IFS is scooping up Netherlands-based Ultimo to help meet demand for cloud-based enterprise asset management technology. Credit: Thinkstock To help meet demand from enterprises that are shifting asset management methods from legacy applications to cloud-based technology, ERP provider IFS has signed an agreement to acquire Netherlands-based enterprise asset management (EAM) software firm Ultimo. IFS, which is based in Sweden and has customers globally, says that it is acquiring Ultimo because it believes that the company’s SaaS offering can provide high levels of flexibility and configurability for customers. EAM can be considered a subset of ERP software, providing tools and applications to manage the lifecycle of physical assets in an enterprise, in order to maximize their value. IFS’ acquisition comes at a time when the EAM market is growing due to the move to cloud architecture, growing demand for an enterprisewide view of assets for strategic planning, and increasing deployment of IoT platforms and devices. The global EAM market is expected to grow at a compound annual growth rate (CAGR) of 8.7% to reach $5.5 billion by 2026, from $3.3 billion in 2020, according to market research firm MarketsandMarkets. IFS, which expects the acquisition to close in the third quarter of 2022, plans to use Ultimo’s software in conjunction with its own cloud-based EAM offering. Ultimo focuses on providing EAM to midsize companies in manufacturing, healthcare, logistics, infrastructure and utilities. After refreshing its ERP suite every three years since 2012, IFS last year switched to a six-month refresh cycle to ensure that customers always have access to its latest features. Market research firm Gartner, in its Market Share: Enterprise Resource Planning Worldwide 2021 report, positioned IFS at the top of EAM vendors in terms of revenue, with 18% market share, after sales grew 29.1% year-on-year. The Ultimo acquisition should help IFS compete in the EAM market with vendors including IBM, SAP, Microsoft and Oracle. Ultimo, which was founded in 1988, has 180 employees with more than 2,000 customers including London Gatwick Airport, BASF, VTTI, Ravago, Vion Food Group, Argent Energy, and Hutchison Ports ECT Rotterdam Related content news SAP, IBM Consulting partner to offer genAI-based services The partnership will see both companies offer generative AI-based services to enterprises via RISE with SAP offering. By Anirban Ghoshal May 09, 2024 3 mins Generative AI IBM SAP feature Essential skills and traits of chief AI officers CAIOs require a multidimensional skill set to drive innovation, establish and lead an AI-ready culture, and create tangible organizational results leveraging a complex and rapidly evolving technology. By David Weldon May 09, 2024 9 mins Artificial Intelligence IT Leadership interview Strong CIO-CISO relations fuel success at Ally CIO Sathish Muthukrishnan and CISO Donna Hart have forged a partnership steeped in Ally’s culture of radical candor that keeps the financial services firm secure and innovative. By Dan Roberts May 09, 2024 12 mins CIO CSO and CISO IT Leadership case study How being cloud smart fosters growth at Saab Fuelled by global turbulence and increasing defense budgets, Swedish defense group Saab is meeting high demand by integrating efforts to become more software-driven, and central to managing it all is CIO Annette Eriksson. By Karin Lindström May 09, 2024 5 mins CIO Aerospace and Defense Industry Cloud Architecture PODCASTS VIDEOS RESOURCES EVENTS SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe