Mark Williams new CFO at IBS

IBS announces today that Mark Williams will join the company as Chief Financial Officer (CFO), replacing Lennart Bernard. Lennart will stay with the company for a medium term hand-over period.

Lennart Bernard joined IBS in 2007 and immediately instituted a policy of stronger focus on cash generation than historically had been the case. He was instrumental in improving financial reporting and steering the company towards measuring cash earnings by offering rather than simply by geography. He also provided invaluable competence in getting the cost structure of the company under control as part of the strategic initiative launched in 2008.

“After many hours of hard work I am very satisfied with what I have accomplished during my time in IBS” says Lennart Bernard.

As the cost portion of this initiative is bearing fruit, and the company also changes listing from the Nasdaq OMX list to OMX First North, the company will soon enter a new phase. In this phase Mark Williams will be performing an extremely critical role in the growing of the business from the established core platform.

“I want to thank Lennart for all his contributions to the cost turnaround of IBS, as he took the financial reporting and cost control mechanisms within the company to new levels. The efficiency drive portion of the strategic initiative, with the scale of the staff reductions and other cost measures, the aggressive time frame and the necessity to preserve cash, could not have been executed without his tireless efforts. I truly wish him all the best for his future career”, says Mike Shinya, CEO and President of IBS.

“At the same time, I am very proud to bring in Mark Williams as CFO at this time, a time that I believe to be a defining time for IBS. Mark has a stellar career with not only finance positions in enterprise software companies in the US, UK and France but also as a very commercially oriented executive who most recently served as CEO at Hubwoo. Under his tenure Hubwoo transformed the revenue model to a “Software as a Service” (SaaS) based model with 75% of revenues coming as subscription fees. This experience will be a great asset considering our own SaaS initiative but more importantly in our overall aim to transform the company into the world’s leading Distribution Systems Company”.

Mark will take up his position as CFO on Tuesday, April 7, 2009.


For more information, please contact:

Oskar Ahlberg, Senior Vice President of Communications, IBS AB
Tel: +46-70-244 24 75
oskar.ahlberg@ibs.net