Falkonry offers a time series-based data analytics suite to help enterprises manage and maintain manufacturing equipment. Credit: Shutterstock / Gorodenkoff Enterprise resource planning (ERP) software vendor IFS has agreed to acquire Falkonry, the developer of an AI-based time-series data analytics tool, to boost its enterprise asset management (EAM) services portfolio. IFS has an eye on the growing number of connected machines in factories, and will add Falkonry’s self-learning Time Series AI Suite, which can help enterprises manage and maintain manufacturing equipment, to its existing enterprise simulation and AI-based scheduling and optimization capabilities. EAM can be considered a subset of ERP software, providing tools and applications to manage the lifecycle of physical assets in an enterprise, in order to maximize their value. The global EAM market is expected to grow at a compound annual growth rate (CAGR) of 8.7% to reach $5.5 billion by 2026, from $3.3 billion in 2020, according to research from MarketsandMarkets. Cupertino-headquartered Falkonry, which was founded in 2012 by CEO Nikunj Mehta, has customers across North America, South America, and Europe, including the US Navy and Air Force, Ternium, North American Stainless, and Harbour Energy, among others. It has raised $13.3 million in funding from investors including Zetta Venture Partners, SparkLabs Accelerator, Polaris Partners, Presidio Ventures, Basis Set Ventures, Fortive, and Next47. IFS expects to complete the acquisition of Falkonry by the fourth quarter of 2023. In June, it announced the acquisition of Poka — a connected worker software services provider — in order to boost the productivity of an overall factory. And last year it scooped up Netherlands-based Ultimo to help meet demand for cloud-based enterprise asset management technology. Related content feature The HP-Autonomy lawsuit: Timeline of an M&A disaster When Hewlett Packard bought knowledge management software firm Autonomy, it didn’t realize it was buying into a multibillion accounting cover-up. Shareholders sued HP, and HP sued Autonomy CEO Mike Lynch. Here’s how it played out over the By Peter Sayer Jun 07, 2024 9 mins HP Mergers and Acquisitions Enterprise Applications news Jury clears Autonomy CEO of fraud charges The case stemmed from Hewlett-Packard’s 2011 purchase of Autonomy for $11.1 billion. Some have blamed former CEO Meg Whitman for not testifying in the case. By Evan Schuman Jun 07, 2024 4 mins Fraud Legal Mergers and Acquisitions feature AES enlists AI to boost its sustainable energy business The American power supplier’s machine learning weather and output forecasting platform is fueling revenue growth while advancing the company’s renewable wind, solar, and energy storage goals. By Paula Rooney Jun 07, 2024 7 mins Energy Industry Digital Transformation Artificial Intelligence feature Top 8 IT certifications in demand today IT certifications can help you quickly gain and validate valuable skills and know-how in a domain that will further your career. Here are the most popular IT certs today. By Sarah K. White Jun 07, 2024 10 mins Certifications IT Skills Careers PODCASTS VIDEOS RESOURCES EVENTS SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe