Dublin, Ireland, 6 May 2021
IFS secures €2million in expansion funding
Investment to support company’s expansion plans into targeted markets in Europe and US, with the creation of up to 100 new jobs by 2024
Irish digital buildings information management company, Integrated Facilities Solutions (IFS), has raised €2 million in equity 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 multi-million Euro investment will support IFS’ growth and expansion plans into targeted markets in Europe and the US, which will see the company double revenue and headcount this year and next, with the creation of 100 new jobs by 2024.
IFS is a client company of state agency Enterprise Ireland and recently secured funding from a Bank of Ireland SBCI scheme and Enterprise Ireland, which has acted as a catalyst for the company’s continued growth in the years leading up to this latest round of investment from The Davy EIIS Fund.
IFS, 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 George Harold and Kieran Beggan who were both graduates of Dublin Institute of Technology Bolton Street. 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.
IFS’ cloud-based applications and services, which support the adoption of an enterprise-wide Building information management process and enable supply chain effectiveness, resulting in vast productivity gains and savings throughout the Asset Lifecycle, have been specified and implemented across Ireland, the UK and Europe on landmark sites such as Aviva Stadium, Croke Park, Dundrum Town Centre and Irish Rail. The company counts Bank of Ireland, Children’s Hospital Ireland, University College Dublin, University of Strathclyde, Dublin Zoo, Fingal County Council, and multi-national technology companies among its clients.
This new funding will ensure IFS is well positioned to support mission critical building owners with regional and global footprints as the Architecture, Engineering and Construction (AEC) industry embarks on an accelerated digitisation journey and makes significant advancements over the next five to ten years. These markets are considered to be heating up and will accelerate at pace as the pandemic eases and remote management capability expands under Industry 4.0 and includes process automation, IOT and robotics, whereby Building Owners will utilise the digital technologies available to them to create a continuous ‘digital thread’ through the Asset Management Lifecycle.
Sinead Heaney (BDO); James Doody (IBI), Kieran Beggan, George Harold (IFS)
Kieran Beggan, CEO and co-founder said: “This funding represents an important milestone for the business and is testament to the significant growth potential of Digitisation across 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.”
George Harold, CEO and co-founder said: “IFS has been at the forefront of the Digital Transformation of Building Information over the past 20 years. 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 said: "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.”
James Doody, Director at IBI Corporate Finance said: “We were delighted to assist IFS in securing its recent growth capital investment under the EIIS scheme. This form of structured financing is attractive as it allows the company to focus on what it does best, delivering innovative software solutions for building owners. We look forward to tracking the company’s progress as it embarks on this exciting growth journey.”
IFS employs 16 staff at its Blanchardstown office and is supporting client sites in the UK, Europe, the US and the Middle East.