Published by Sue Johns-Chapman
Published Date 23.01.2025 
The enterprise asset management (EAM) software market is a mature one. Yet, it is also experiencing broad and rapid change. Our strategic vision at IFS Ultimo is to revolutionise the experience of EAM. We deliver superior value through the industry’s most user-friendly, flexible and impactful technology.
Earlier this month, we were proudly recognised as the only Customers’ Choice in the 2025 Gartner Peer Insights Voice of the Customer for EAM Software report. It’s an important distinction because positive customer experiences are our North Star. We innovate relentlessly across all areas of our business, from technology, onboarding, and customer support to the product offerings themselves. So, being shortlisted in the Software-as-a-Service (SaaS) Company of the Year category of the Global Business Tech Awards is a notable distinction, because to some of our customers, how we offer and support our software is just as important as the functional side of the software.
The EAM Boom
Analyst firms agree. Since 2022, the EAM software market landscape has shifted. There has been acquisition activity, an expansion of artificial intelligence (AI), and a rise in mobile solutions. All of this occurs against a backdrop of changes in the global macro economy, a continuing skills shortage, and a heightened focus on environmental, social and governance (ESG) goals.
From speaking with our industrial customers every day, we know that the pressure to reduce costs and unplanned downtime will continue in 2025 and beyond. Organisations rate cost control and downtime reduction as ‘very significant’ in their maintenance strategies. Industrial businesses also want digital transformation. They are investing in technologies for their plant operations and maintenance activities, and they are increasing their efforts to reduce carbon emissions in line with regulatory, customer and shareholder pressure.
These are some of the reasons that EAM is set to boom. According to analyst firm Verdantix, spend on the EAM software market reached $4.5 billion in 2024 and will grow at a nine percent CAGR to reach $6.4 billion in 2028. By harnessing SaaS, we aim to leapfrog current approaches and drive the transformation our customers and partners need.
Scaling Successfully
We have utilised this business model to create a flourishing partner ecosystem. With access to a broader market and a more diverse customer base, we have created new revenue streams and opportunities for growth that may have previously been out of reach.
To facilitate the increasing volume of projects, Ultimo has grown its network of certified partner consultants by 46 percent since 2023. This adds hundreds of years of related technical experience and industry knowledge, on such topics as asset performance management and digital transformation. We even held our first partner summit in September 2024. This was an extraordinary validation of where the broader industry sees EAM dollars being spent.
Going from a regional powerhouse to a global player, we have invested in new geographical operations. While the 100 percent headcount increase in the USA is mostly focused on sales, our fastest growing business unit is in Sri Lanka. Most of the roles here focus on product development. Across the board, employee headcount has risen by 53 percent since 2023.
These are exciting times, but for our businesses to be successful and for our partner ecosystem to thrive, rapid growth must be well managed. That’s where the SaaS model shines. The annual recurring revenue (ARR) model facilitates predictable, stable, and recurring revenue streams. A critical component of financial stability, this is key to planning and investment for long-term growth for us and our partners. Together, these two elements pack a powerful punch.
Why We Win
Ultimo’s software is evergreen, SaaS, cloud-based, easy to deploy, easy to integrate and use. By leveraging AI, its EAM toolsets are becoming even more intuitive, accessible and predictive, therefore driving unprecedented efficiency and effectiveness in asset management practices.
Our ambition is to be the number one EAM software provider. We pride ourselves on being the easiest company to do business with, providing the easiest solution to implement, the easiest software to use and adopt, and the most scalable partner, driving unprecedented growth. We serve over 2200 customers, 500,000 user technicians managing 15 million assets worldwide. Ultimo’s 98 percent customer retention rate among that volume of users makes it a stand-out organisation. While managing such a large customer base, we are incredibly proud to have zero major customer escalations.
Being successful in achieving our key objectives while still leading in important areas such as innovation, customer satisfaction and retention, support, technical upgrades and the seamless shift to cloud is truly remarkable. It therefore fills me with immense pride to be recognised by these awards, a true testament to our employees, customers and partners alike.
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Author: Berend Booms
