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 SAP, IBM Consulting partner to offer genAI-based services The partnership will see both companies offer generative AI-based services to enterprises via RISE with SAP offering. By Anirban Ghoshal May 09, 2024 3 mins Generative AI IBM SAP feature Essential skills and traits of chief AI officers CAIOs require a multidimensional skill set to drive innovation, establish and lead an AI-ready culture, and create tangible organizational results leveraging a complex and rapidly evolving technology. By David Weldon May 09, 2024 9 mins Artificial Intelligence IT Leadership case study How being cloud smart fosters growth at Saab Fuelled by global turbulence and increasing defense budgets, Swedish defense group Saab is meeting high demand by integrating efforts to become more software-driven, and central to managing it all is CIO Annette Eriksson. By Karin Lindström May 09, 2024 5 mins CIO Aerospace and Defense Industry Cloud Architecture interview Strong CIO-CISO relations fuel success at Ally CIO Sathish Muthukrishnan and CISO Donna Hart have forged a partnership steeped in Ally’s culture of radical candor that keeps the financial services firm secure and innovative. By Dan Roberts May 09, 2024 9 mins CIO CSO and CISO IT Leadership 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