IFS, the leading provider of enterprise cloud and Industrial AI software for the hardcore businesses that make, service, and power our planet, announces record growth for the third quarter, ending September 30, 2024. Global organic growth supported by a strong partner community underpins IFS’s strategy and robust financial performance.
IFS Q3 Headline Results:
- Annual Recurring Revenue (ARR) increased by 30% YoY, further cementing IFS’s position as a leader in industrial software solutions
- Software revenue showed a strong 20% YoY growth
- Customers adopting IFS Cloud in Q3 2024 grew 71% YoY helping to drive 46% YoY growth in Cloud Revenue
Strategic acquisitions
Q3 included the successful completion of two significant acquisitions: the CAN$1B acquisition of Copperleaf Technologies Inc., a global leader in strategic asset management and asset investment planning (AIP); and the acquisition of EmpowerMX, an AI-powered aviation maintenance software provider, specialising in Airframe Maintenance Repair and Overhaul (MRO) solutions. These two acquisitions only contributed nominally to the Q3 results, given their closing dates.
Growth across all regions and industries
IFS saw increasing demand from all regions for its AI-powered and sustainability enhancing, industry-specific solutions. These include not only IFS Cloud, but also the broader IFS portfolio such as Ultimo, Poka, and recent acquisitions EmpowerMX and Copperleaf.
Over 90 new organisations became IFS customers in Q3, including: 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, SNCF Gares & Connexions.
IFS CEO Mark Moffat said: “Our Q3 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 testament to the value we’re delivering to customers and partners alike.
“IFS’s clear vision is to become the undisputed category leader in industrial software. This latest financial performance shows we are on the right track to make this vision a reality.”
IFS Chief Financial Officer, Matthias Heiden, added: “The 30% growth in ARR demonstrates our success in driving predictable, profitable growth. We continue to lead with customer-focused solutions, strongly supported by our innovative global partner network.”
