IFS announces outstanding 2024 financial results driven by increase in demand for Industrial AI
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Dubai, United Arab Emirates – IFS, the leading provider of enterprise cloud and Industrial AI software, today announces its strongest ever financial performance, for the year ending December 31, 2024. Sustained organic global growth fueled by demand for Industrial AI has driven Annual Recurring Revenue (ARR) to exceed € 1 billion, with total revenue for the year at €1.228 billion.
IFS FY2024 Key Results:
Annual Recurring Revenue increased by 32% YoY
Cloud Revenue increased by 38% YoY
The impact of AI within the industrial setting is poised to contribute substantial long-term economic value, which is why companies in the hardcore industries that protect, power, and service the planet are turning to IFS.ai. IFS's significant growth in 2024 reflects this demand, with the company continuing to take market share from legacy vendors.
With more of the world's largest and most respected brands moving to IFS, the company was proud to welcome over 350 new customers, including: Comcast, Electrify America, E.On, Exelon, HomeServe, Miele, Molson Coors, Modulaire Group, Rolls-Royce Power Systems, Saudi Electricity Company, Sureserve Group, Quanta Services and Vattenfall. The customers who are new to IFS are larger businesses, which is reflected in the average deal size of IFS's largest customers increasing by 64% YoY.
IFS's global partner community continues to play a significant role in delivering value to customers, with partner revenue increasing 34% YoY. Organic growth was complemented by the completion of two strategic acquisitions including Copperleaf, the global leader in asset management and asset investment planning (AIP), and EmpowerMX, an AI-powered aviation maintenance software provider.
Mark Moffat, Chief Executive Officer, IFS commented: 'IFS is leading the Industrial AI revolution, evidenced by our sustained financial performance that is fuelled by customer demand for IFS.ai. It is testament to the trust we have built, and I offer my gratitude to our customers and partners for their collaboration, visionary spirit, and confidence in our shared future.'
'Our success is a result of strong execution of our industry-focused strategy. No other vendor understands our customers' industries as well as IFS, which simply means that our customers are realizing exceptional value from IFS.ai. We continue to outperform monolithic, legacy enterprise software vendors who have not kept up with the pace of change.'
Matthias Heiden, Chief Financial Officer, IFS commented: 'Surpassing €1 billion ARR is a significant milestone in the enterprise software industry, reflecting the reliability with which we execute. Cash flow and conversion also grew significantly in the period, meaning business transformation and strategy execution was very strong, enabling us to grow ARR 32% YoY. I am confident that IFS is well-positioned for 2025, with a strong outlook based on the resilience we have built into the business, industry-focused innovation and our subscription-based business model.'
Customer-centricity underpins consistently strong financial performance, and IFS strives for industry-leading satisfaction scores. IFS CSAT increased to over 80% in 2024, measured holistically across multiple touchpoints throughout the year and spanning the entire lifecycle, in contrast to the industry standard practise of an annual pulse check.
IFS now has the distinction of being a Gartner Peer Insights Customers' Choice across three of its core solution areas: Field Service Management, Cloud ERP for Product-Centric Enterprises, and Enterprise Asset Management. IFS was recognized as the #1 vendor on The Software Report's Top 100 Software Companies for 2024. IFS was also named the fastest growing vendor among top 10 companies in IDC Worldwide Asset Life-Cycle Management Applications Market Shares 2023 report.
About IFS
IFS is the world's leading provider of Industrial AI and enterprise software for hardcore businesses that make, service, and power our planet. Our technology enables businesses which manufacture goods, maintain complex assets, and manage service-focused operations to unlock the transformative power of Industrial AI™ to enhance productivity, efficiency, and sustainability.
IFS Cloud is a fully composable AI-powered platform, designed for ultimate flexibility and adaptability to our customers' specific requirements and business evolution. It spans the needs of Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM), Supply Chain Management (SCM), and Field Service Management (FSM). IFS technology leverages AI, machine learning, real-time data and analytics to empower our customers to make informed strategic decisions and excel at their Moment of Service™.
IFS was founded in 1983 by five university friends who pitched a tent outside our first customer's site to ensure they would be available 24/7 and the needs of the customer would come first. Since then, IFS has grown into a global leader with over 7,000 employees in 80 countries. Driven by those foundational values of agility, customer-centricity, and trust, IFS is recognized worldwide for delivering value and supporting strategic transformations. We are the most recommended supplier in our sector. Visit ifs.com to learn why.
IFS Press Contacts:
EUROPE / MEA / APJ:
Adam Gillbe
IFS, Director of Corporate & Executive Communications
Email: adam.gillbe@ifs.com
NORTH AMERICA / LATAM:
Mairi Morgan
IFS, Director of Corporate & Executive Communications
Email: mairi.morgan@ifs.com
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