IFS Reinforces Its Industrial Software Leadership with 30% ARR Growth in Q3 2024

In its Q3 2024 results, IFS delivered significant growth—posting a 30% increase in Annual Recurring Revenue (ARR)—thereby strengthening its leading position in industrial software solutions. By focusing on innovation for sustainable, profitable growth, IFS is solidifying its global leadership in industrial artificial intelligence.

Key Financial Highlights

• 30% ARR Growth: This jump in ARR, driven by a customer‑centric approach, underscores IFS’s strong market position.

• 20% Increase in Software Revenue: IFS continues to grow its software business through innovative offerings and strategic acquisitions.

• 46% Cloud Revenue Growth: Adoption of IFS Cloud climbed by 71%, fueling a 46% increase in cloud revenues.

Enhanced Capabilities via Strategic Acquisitions
During the quarter, IFS completed the acquisitions of Copperleaf Technologies—an established global leader in strategic asset management—and EmpowerMX, a specialist in aircraft maintenance solutions. These additions expand IFS’s industrial AI portfolio and deepen its market reach.

Broadening Demand Across Industries and Regions
Global customers continue to embrace IFS’s AI‑powered, sustainability‑focused solutions. In Q3, over 90 new clients—including Rolls‑Royce Power Systems, Comcast, and General Dynamics—joined the IFS family.

Executive Perspectives

• Mark Moffat, CEO of IFS, emphasized that industrial AI is shaping the future and reaffirmed IFS’s ambition to be the “undisputed leader in industrial software.”

• Matthias Heiden, CFO, noted that the 30% ARR growth was made possible by delivering customer‑focused solutions.