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Oct 29, 2024 5:20 AM

IFS Q3 2024 Financial Results: Record Growth Accelerated by Increasing Demand for Industrial AI reflected in ARR growth of 30%

IFS delivered the strongest growth quarter to date in Q3 2024, reinforces position as the fastest growing industrial software company and global leader in Industrial AI

LONDON, Oct. 29, 2024 /PRNewswire/ -- 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 ...

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