IFS, a prominent software company, has announced a new venture in Colombo Port City that will create 1,000 new jobs. The announcement was made by IFS CEO Mark Moffat during his keynote address at the DigiEcon Global Investment Summit 2024, emphasizing the company’s long-term dedication to Sri Lanka’s economic growth.
Moffat highlighted the strategic significance of this new initiative, predicting it will generate thousands more jobs in the future. He noted Sri Lanka’s crucial role in IFS’s global success, contributing to over 20% annual compound growth for the past six years. Over the last 25 years, IFS has created over 10,000 jobs in Sri Lanka.
The CEO credited much of IFS’s success to the “exceptional software engineering talent” and adaptability of the Sri Lankan workforce. Currently, IFS employs about 2,700 people in Sri Lanka, representing nearly 40% of its global workforce. Moffat pointed out that almost 80% of IFS’s worldwide product support and over 60% of its research and development are based in Colombo.
Since its inception in Sri Lanka in 1997 with only 26 employees, IFS has grown significantly. Moffat reaffirmed the company’s commitment to collaborating with the government, industry, and academia to develop a knowledge-based economy in Sri Lanka. He also announced plans to create an additional 1,000 positions over the next two to three years.
Beyond business operations, IFS has actively supported rural communities in Sri Lanka through the IFS Foundation, focusing on education and healthcare initiatives. Despite global and local economic challenges, including the pandemic and recent economic difficulties in Sri Lanka, Moffat stressed that IFS remains committed to the country.
“Sri Lanka and its people are integral to IFS and will always be part of our DNA,” Moffat affirmed, expressing pride in the company’s long-standing commitment to Sri Lanka’s development and optimism for the future.
