Industrial and Financial Systems (IFS) is aiming to launch its operations in Pakistan through a partnership with a local company for selling its products in the growing local market.
IFS is a globally recognized company which develops and delivers software for enterprise resource planning (ERP), enterprise asset management (EAM) and enterprise service management (ESM).
According to the stock filing, IFS has signed a partnership agreement with Millat Tractors Limited to sell and implement its products in Pakistan.
The agreement has been initially executed with Millat and is transferable to one of its subsidiaries in future, said a statement by the tractor manufacturer. The company had2014 implemented products of IFS in its operations back in 2014 and had improved performance in its finance department.
Its new local partner, Millat Tractors Limited, is a listed company at Pakistan Stock Exchange having four subsidiaries including Bolan Castings Ltd, Millat Equipments Ltd, Millat Industrial Products Ltd and TIPEG Intertrade DCC which is based in Dubai.
According to nine months performance of financial year 2016-17, the tractor manufacturer managed to achieve a sales volume of 13,482 tractors compared to 19,967 tractors in the corresponding period of last financial year registering a decrease of 33%. The drop in company sales was due to the declining demand of tractors in local market
This company in its endeavor to explore new synergies in its operations is now working to bring diversification of its portfolio through working with global software solution provider, IFS.
IFS serves more than 1 million users worldwide from its network of local offices and through a growing ecosystem of partners. The Swedish company is operating with offices in Sweden and Sri Lanka with consultancy business operating in six regions including Europe North, Europe West, Europe Central, Europe East, Americas and Africa & Asia and Pacific.
The software company also implemented various solutions for clients based in Pakistan.
IFS Applications business software provides increased ERP functionality, including CRM, SCM, PLM, EOI, enterprise asset management, and MRO capabilities.