IFS, a leader in cloud business solutions and industrial AI, has reported unprecedented growth in the third quarter. This success is attributed to organic growth globally, supported by a robust partner network that reinforces both the company’s strategy and financial performance.
Annual Recurring Revenue (ARR) saw a 30% increase compared to the previous year, consolidating IFS’s position. Additionally, software revenue grew 20% year-on-year. With the growing adoption of IFS Cloud, the number of customers increased by 71% in the third quarter of 2024, resulting in a 46% increase in cloud services revenue.
This strong financial performance is complemented by important strategic acquisitions. In the third quarter, IFS completed two significant acquisitions: the purchase of Copperleaf Technologies Inc. for more than €600 million, a global leader in strategic asset management and asset investment planning (AIP); and the acquisition of EmpowerMX, an AI-powered aeronautical software provider specializing in airframe maintenance, repair and overhaul (MRO) solutions.
“Our results reflect IFS’s commitment to solving critical industry challenges through Industrial AI. “IFS.ai is driving the next industrial revolution, and our continued growth is a testament to the value we bring to both customers and partners.” says Mark Moffat, CEO of IFS.
The company thus records the highest quarterly growth, consolidating its position as the fastest growing industrial software company and global leader in Industrial AI.
Expansion across all regions and industries
IFS has seen an increase in demand for its industry-specific solutions across all regions, driven by artificial intelligence and customers’ sustainability needs. This growth includes not only IFS Cloud, but also its expanded portfolio, which encompasses products such as Ultimo, Poka and the recent acquisitions of EmpowerMX and Copperleaf.
In the third quarter, more than 90 new organizations joined the IFS client portfolio. These include Ahrend, Avia Prime, Comcast, DCC Plc, Drayton Aerospace, General Dynamics Ordnance and Tactical Systems-Canada, HomeServe, ista SE, Quanta Services Australia, Rolls Royce Power Systems, Sureserve, Stertil Group, TDC NET and SNCF Gares & Connections.
Recent notable achievements:
- IFS Cloud 24R2 was introduced at IFS Unleashed, incorporating features powered by IFS.ai and more than 60 AI use cases to make it easier for customers to adopt industrial AI at scale.
- IFS and PwC have teamed up to develop a new Sustainability Management module in the IFS cloud, designed to address ESG disclosure challenges, including CSRD regulations.
- IFS was recognized as a “Customers’ Choice” in the Gartner Peer Insights 2024 Voice of the Customer report for Cloud ERP in Product-Focused Enterprises.
- IFS Ultimo was named a Leader in the Verdantix 2024 Green Quadrant for Enterprise Asset Management Software.
- IFS assyst was highlighted as a leader and a rapidly growing player on GigaOm’s Radar for IT Service Management.
