Irish digital buildings information management company, Integrated Facilities Solutions (IFS), has raised €2 million in equity to support its plans to expand into targeted markets in Europe and the US.
The cash has been raised through The Davy EIIS Fund, an employment and investment incentive scheme, which is managed on behalf of investors by BES Management DAC, a joint venture between BDO and Davy.
The investment will support the company’s growth and expansion which will see its revenue and headcount double this year and next, with the creation of 100 new jobs by 2024.
Integrated Facilities Solutions, which builds and provides access to validated and secure Digital Building Information for design, construction and facilities management teams, was founded 22 years ago by its CEOs George Harold and Kieran Beggan who were both graduates of Dublin Institute of Technology Bolton Street.
Beggan said: “This funding represents an important milestone for the business and is testament to the significant growth potential of Digitisation across Architecture, Engineering and Construction (AEC) and Facilities Management (FM) sectors. Our technology platform and expertise support digital project delivery through to operations and FM, and we are currently extending our footprint in rapidly growing sectors that have seen accelerated growth despite challenges presented by the pandemic. This funding will enhance our executive team and expertise as will our capability to drive customer success and acquisition in European and US markets.”
The company works with blue-chip firms in the public and private sectors to provide a more streamlined approach to buildings and property management. Its software and value-added services provide a secure environment for managing building information from planning and design stage, construction and handover to operations and maintenance for the building owner and operator. Its cloud-based applications and services have been specified and implemented on landmark sites such as Aviva Stadium, Croke Park and Irish Rail.
This new funding will ensure Integrated Facilities Solutions is well-positioned to support building owners as the Architecture, Engineering and Construction (AEC) industry embarks on an accelerated digitisation journey. These markets are predicted to accelerate at pace over the next five to 10 years as the pandemic eases and remote management capability expands under Industry 4.0, including process automation, IOT and robotics.
“IFS has been at the forefront of the digital transformation of building information over the past 20 years,” said Harold. “When we set up the company, we could see there was a gap in the marketplace with the construction handover to building owners, especially in relation to how information was traditionally provided in unmanageable hard-copy format to clients at the end of the build. We are thrilled to have secured this funding from BES Management as it will help to expand our software and footprint into new global markets. We very much look forward to continuing to develop our position with blue chip firms as they invest in strategic building projects and infrastructure in the years ahead.”
Sinead Heaney, Partner at BDO Ireland added: “The team’s pioneering digital approach to building lifecycle management has delivered significant growth with blue chip customers in Ireland, UK, Europe and the US. The €2m investment will allow the business to leverage this success and accelerate growth in new and existing markets. We are delighted to be on board to assist the business achieve its ambitious plans in the coming years.”