Subject: TNM
IFS Completes Acquisition of Global Field Service Management Software Provider Astea International
Combined company strengthens its leadership position in field service management (FSM) by integrating two of the most established and well recognized players in the market
LONDON and HORSHAM, Pennsylvania, Dec. 11, 2019 /PRNewswire/ -- IFS, the global enterprise applications company, announces that it has concluded the acquisition of 100% of the shares of global software company Astea International (USOTC: ATEA).
The transaction, initially announced in October 2019, will enable the combined company to serve more customers in more markets, through a broader network of the best talent and partners in the industry. By combining with Astea, IFS will further expand its global footprint beyond its more than 10,000 customers worldwide, of which 8,000 are in service management. This year alone, IFS has driven significant organic growth of its FSM business, with H1 2019 license revenues increasing by 119% compared to H1 2018.
"Field service management is rapidly becoming a strategically important capability for any business trying to link products with customers-and strengthen customer relationships," Constellation Research's Nicole France said. "With the acquisition of Astea, IFS has strengthened and deepened its ability to help customers innovate in field service and service management."
Following the close of the transaction, Marne Martin, President of the IFS Service Management Business Unit, will assume leadership of Astea. Astea's well-respected founder and former CEO, Zack Bergreen, will take on the role of Senior Advisor to IFS Group Management and will be part of the IFS Service Management Advisory Board.
Martin commented, "Zack and the management team have built a well-established and respected business in Astea. We are very pleased to leverage their expertise and skills to benefit our collective customer base." She continued, "The service management sector continues to grow at pace faster than that of many other line-of-business applications, and we are in an enviable position in being able to offer our customers the most technically advanced and engaging solutions. This focus will enable customers to use service execution across the entire service lifecycle to create a competitive advantage in how they deliver customer experience and grow their revenue."
Learn more about IFS's versatile, comprehensive service industry offering at www.ifs.com/corp/industries/service/.
Lyndsey Rojas, IFS Director of Communications. Phone: 1-216-339-9144, [email protected]
Emily Hackman, Astea International Executive Director of Global Marketing. Phone: 1-215-682-2500, [email protected]
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