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 news UK government’s Pensions Dashboards Programme delayed Skills shortages, inadequate governance, and rising costs stymie the PDP, but the National Audit Office says it believes progress is being made. By John Dunn May 09, 2024 4 mins Government IT Government IT Skills opinion Raj Polanki’s five steps by which CIOs can lead holistically The US Division CIO of Wacker Chemie says tech chiefs should think beyond run, grow, and transform, and consider how they are uniquely positioned to promote social values across the business and beyond. By Michael Bertha and Duke Dyksterhouse May 09, 2024 10 mins CIO Diversity and Inclusion IT Leadership brandpost Sponsored by Rocket Software How to successfully integrate data in a hybrid environment To successfully integrate data in a hybrid cloud environment, organizations must create a simple, secure, and powerful approach with the right modernization tools. By Phil Buckellew May 09, 2024 4 mins Digital Transformation brandpost Sponsored by Rocket Software Rethinking DevOps and automation with a layered approach For all its benefits, automation is not something that can just be implemented blindly across the layers of the DevOps stack. If those functions aren’t working together, the automation in each layer only adds more complication, creating ineffic By Phil Buckellew May 09, 2024 4 mins Digital Transformation 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