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HMS earns revenue by selling hardware, software, and related services. These include communication modules, remote access solutions, and data platforms.

Products are sold both directly and via distribution (50/50 split). Embedded products are sold via so-called Design-wins, where the customer integrates an HMS product and then places orders every time a new machine is manufactured. This is a very "sticky" business model that guarantees revenue over many years.

Gateways and remote products are sold as problem solvers, usually via distribution.

The company is increasingly growing its software and cloud services, which can generate recurring income over time. This helps create more stable and predictable revenues.

HMS markets products under several well-known brands in the Automation, Building and Automotive sector — Anybus, Ewon, Ixxat, Intesis, Peak, N-Tron and Red Lion.

Each brand focuses on a specific area, like connecting machines to networks, enabling remote access, or linking building systems. Together, they form a broad offering that supports many industrial use cases.

Growth is mainly driven by increasing demand for automation, connectivity, and data in industrial applications. As factories become more digital, companies need solutions to connect their equipment and analyze data.

Security, AI and sustainability demands are other trends driving HMS's business.

HMS grows through new product development, acquisitions, and expansion in - mostly in Europe. North America and Asia, where demand for automation is strong.

HMS operates in three core segments: Industrial Data Solutions, Industrial Network Technology, and New Industries. 

These cover everything from data collection and visualization to embedded communication technology and niche industrial markets. Together, they diversify the business and reduce reliance on any single market.

HMS has shown steady growth over time. The last 10 years, sales growth have been 16% on average, with revenue reaching over SEK 3.6 billion in 2025.

The company also maintains solid profitability, with operating margins around 20–25%.

Customers include machine builders, system integrators, and industrial companies across sectors like manufacturing, energy, and building automation.

HMS sells globally, with a strong presence in Europe and North America. Asia is also a growing market for HMS.

The broad customer base and market presence helps spread risk and create growth opportunities.

Some of HMS products are sold on competitive markets with both specialized companies and large industrial players. 

Demand can fluctuate with economic conditions — if industrial manufacturers make less products, they also need fewer HMS communication solutions.

There are also risks related to technology changes, supply chains, and global trade (such as tariffs), which can impact costs and growth.

HMS is headquartered in Halmstad Sweden. Other main locations are York (US), Ravensburg/Karlsruhe/Darmstadt/Buchen (Germany), Nivelles (Belgium), Igualada (Spain), Shin-Yokohama (Japan). In total HMS has operations in 20+ countries.

HMS stands out by its wide portfolio of hardware, software, and cloud services for industrial communication. This allows customers to connect machines, access data remotely, and analyze performance using a single ecosystem. 

The company is also known for being “vendor-neutral,” meaning its solutions work across many different industrial systems and networks. This flexibility is attractive to customers and strengthens its market position.

A track record of being close to customers and good product support is also a cited strength.

HMS aims to continue growing through innovation, acquisitions, and a stronger focus on software and services.

A key goal is to increase annual recurring revenue (ARR), especially from cloud platforms and data services. 

The company targets long-term profitability and expansion in key markets, while investing in new technologies such as AI and advanced connectivity.

HMS aims to become a net-zero company by 2050, with climate targets validated by the Science Based Targets initiative and aligned with the Paris Agreement. 

The company plans to reduce its own emissions by 2030, but HMS emissions are quite small. A bigger impact can be reached by helping customers reduce their environmental impact. Companies turn to HMS to reduce service travel, gain better insight into industrial processes to reduce energy and optimize production. Energy savings in buildings is another main driver for buying HMS products.

Sustainability is integrated into HMS’s overall business strategy, including product design, operations, and decision-making. 

HMS grows both organically and through acquisitions. Acquisitions can be both "bolt-ons" to existing divisions or new initiatives in "New Industries"

Around 50% of growth in 2026–2030 is expected to come from M&A.

The focus is on acquiring companies that add technology, IP, products, or market access that fit closely with existing operations.