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 feature TransUnion transforms its business with IT On the heels of its Neustar acquisition, the consumer credit reporting agency seeks to give customers access to its troves of consumer data to fuel next-generation services through solutions platform OneTru. By Paula Rooney Apr 26, 2024 6 mins Financial Services Industry Digital Transformation Artificial Intelligence feature The 10 highest-paying industries for IT talent The tech industry isn’t the only hot spot for IT jobs, as there’s a growing demand for IT pros across every industry. These 10 verticals pay the most for IT roles, according to data from Dice. By Sarah K. White Apr 26, 2024 7 mins Salaries IT Jobs Careers brandpost Sponsored by Palo Alto Networks M&A action is gaining momentum, are your cloud security leaders prepared? Direct visibility is critical in M&A, and cloud-native application protection platforms (CNAPP) are ideal to provide this capability. By Amol Mathur, SVP & GM of Prisma Cloud, Palo Alto Networks Apr 25, 2024 4 mins Cloud Management news CIOs eager to scale AI despite difficulty demonstrating ROI, survey finds CIOs prioritize integrating AI into their organizations alongside cybersecurity, according to a new survey. By Sandeep Budki Apr 25, 2024 5 mins Artificial Intelligence 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