Firms ratify October's definitive agreement.
IFS has acquired 100% of Astea's shares, concluding its take over of the international software company.
The firms says 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. It hopes that by combining with Astea, it will further expand its global footprint beyond its more than 10,000 customers worldwide, of which 8,000 are in service management.
This year, IFS has shown 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.”