Global enterprise business applications company IFS has announced its 2024 financial results. Accordingly, the company announced its strongest financial performance to date, increasing its total revenue to 1,228 billion euros thanks to the growth driven by the demand for industrial artificial intelligence.
IFS, an enterprise cloud and industrial AI software company, announced its strongest financial performance ever as of the end of 2024. Accordingly, the company increased its Annual Recurring Revenue (ARR) by 32 percent and its Cloud Revenue by 38 percent on an annual basis, exceeding €1 billion in Annual Recurring Revenue, while its total revenue reached €1,228 billion. IFS’s global partner network continues to play a key role in delivering value to customers, with partner revenue increasing by 34 percent. IFS complemented its organic growth with two strategic acquisitions: Copperleaf, a global asset management and asset investment planning company, and EmpowerMX, a provider of AI-enabled aviation maintenance software.
More than 350 new companies became IFS customers
While the world's largest and most respected brands preferred IFS in 2024, more than 350 new companies 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 became IFS customers. IFS has also achieved many important successes. Accordingly, according to the 2024 Gartner Peer Insights "Voice of the Customer" report, the company became the "Customers' Choice" in the "Enterprise Asset Management" category after the "Field Service Management" and "Cloud ERP for Product-Focused Companies" categories. In addition, IFS took its place as the number 2024 manufacturer on The Software Report's "100 Top 1 Software Companies" list.
“Our customers are getting exceptional value from IFS.ai”
Commenting on this achievement, IFS CEO Mark Moffat said: “IGF is leading the industrial AI revolution thanks to the strong customer demand and sustained financial performance of companies for IFS.ai. This is a testament to the trust we have built. I would like to thank our customers and partners for their trust in our shared future. Our success is a result of the strong execution of our industry-focused strategy.”
“Exceeding €1 billion in Annual Recurring Revenue is a significant milestone in the enterprise software industry and reflects the reliability we offer our customers. Cash flow and conversion have also increased significantly during this period. This means that we are very strong in business transformation and strategy execution. Following these developments has enabled us to increase our annual recurring revenue by 32 percent. As IFS, we will continue to maintain our resilience, industry-focused innovation and strong outlook based on our subscription-based business model into 2025,” said Matthias Heiden, CFO of IFS.
