It is an IBM-sponsored integration tool, with a focus on small IOT-type devices and REST APIs (though it doesn't preclude anything else you can write a JS connector for). It's based on Node.js and is intended to be run on-premise (or even embedded).
Well, the hardware focus is part of it, but the flow of data between the activity blocks can be as convoluted as you want, rather than simply "IF this THEN that" (granted I don't know IFTTT well enough to know how convoluted it can be).
Not sure if that helps. FWIW, I'm not associated with the project but I have had some exposure to it.