IFS, a prominent provider of enterprise cloud and industrial AI software, has reported its strongest-ever financial performance for the year ending December 31, 2024. Sustained organic global growth, driven by increasing demand for industrial AI, has propelled annual recurring revenue (ARR) to surpass €1 billion, with total revenue for the year reaching €1.228 billion. The transformative potential of AI in industrial settings is expected to deliver significant long-term economic value, prompting companies in critical industries that protect, power and service the planet to turn to IFS.ai. The company's remarkable growth in 2024 underscores this trend, as it continues to capture market share from legacy vendors.
The increasing adoption of IFS by many of the world's largest and most respected brands highlights its growing prominence. In 2024, IFS welcomed over 350 new customers, including Comcast, Electrify America, E.On, Exelon, HomeServe, Miele, Molson Coors, Modulaire Group, Rolls-Royce Power Systems, to name a few. These new customers reflect a shift towards larger enterprises, evidenced by a 64% year-on-year increase in the average deal size of IFS's largest clients.
IFS's global partner ecosystem also played a vital role in driving customer success, with partner revenue growing by 34% year-on-year. The company's organic expansion was further bolstered by two strategic acquisitions: Copperleaf, a global leader in asset management and asset investment planning (AIP), and EmpowerMX, a provider of AI-powered aviation maintenance software.
This outstanding performance solidifies IFS's position as a leader in the industrial AI and enterprise cloud space, meeting the evolving needs of industries worldwide.
