Irish buildings tech company IFS to create 100 jobs
Company has secured €2m investment and is aiming to expand in US and Europe
Sinead Heaney, partner at BDO, James Doody, director at IBI Corporate Finance, and Kieran Beggan and George Harold of IFS
An Irish buildings technology company is to create 100 jobs by the end of 2024 after securing investment.
The moves comes as the company, which collates critical building information on behalf of building owners and managers, has seen a sharp rise in demand for its services. This is due in part to increased regulations and a need for greater oversight in the wake of the Grenfell fire.
The company’s software platform, which is primarily aimed at design, construction and facilities management teams, provides a secure environment for managing information covering planning and design, construction and handover, and operations and maintenance.
Its cloud-based applications and services have been used on a number of landmark projects in the Republic, including the Aviva Stadium and Dundrum Town Centre. Customers include Bank of Ireland, Dublin Zoo and University College Dublin.
The company has secured €2 million through the Davy EIIS fund, a joint venture between BDO and Davy, which allows small investors to claim tax relief on investments in emerging companies. This is in addition to funding secured from a Bank of Ireland SBCI loan scheme and Enterprise Ireland.
IFS aims to double revenue and headcount this year with plans to continue to grow the business in the coming years.
Mr Harold told The Irish Times that the buildings industry has lagged behind other sectors in terms of digital transformation, with many documents still paper-based. This is now changing, however, as property owners demand more visibility on assets they own and manage.
Mr Beggan, the company’s co-chief executive, added that while some technology companies provide management of information covering some parts of the process, few offer a complete overview.
“We’re helping to ensure building owners have a continual supply of information from its supply chain that can be reviewed and approved as required, whether while they are on site or remotely,” he said.