Approximately 65% of global sales are transacted through independent distributors. Sales to the two largest distributors in 2024, 2023, and 2022 — attributable to all three segments — were approximately 20% of total sales. Our direct sales force works with OEMs/machine builders, system integrators, technology partners, and end users, in conjunction with distributors.

Acquisition and investment strategy focuses on hardware and software products, solutions, and services that will be catalytic to the organic growth of core offerings. Key priorities for inorganic investments include:
• Annual recurring revenue
• Market expansion in Europe and Asia
• Application-specific technology in focus industries

Sales in fiscal 2024 decreased 9 percent compared to 2023. Organic sales decreased 10 percent, while acquisitions increased sales by 1 percentage point. Total annual recurring revenue (ARR) at September 30, 2024 grew approximately 16 percent compared to September 30, 2023. Organic ARR at September 30, 2024 grew approximately 14 percent compared to September 30, 2023.

Pricing increased total company sales by approximately 2 percentage points, with the positive impact realized in the Intelligent Devices and Software & Control segments. Volume decreased total company sales by approximately 12 percentage points year over year, primarily driven by the Software & Control and Intelligent Devices segments, though partially offset by the Lifecycle Services segment.