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 Atos may sell national security activities to French government The troubled IT service provider could net up to $1 billion from the sale, meeting most of its financing needs for the next year. By Peter Sayer Apr 29, 2024 4 mins Government IT Government Managed IT Services feature Top 10 barriers to strategic IT success Data challenges, tech debt, and talent shortages are among the issues that can derail your IT org’s work on high-value initiatives. Here’s how some CIOs are addressing them. By Mary Pratt Apr 29, 2024 12 mins Hiring IT Skills Business IT Alignment news analysis The new CIO mandate: Selling AI to employees Employees surveyed express enthusiasm about AI, but they also worry about the impact on their jobs and want training and guidelines. By Grant Gross Apr 29, 2024 5 mins Staff Management Artificial Intelligence opinion Dump the RFP to reap better outsourcing results The RFP has been the default tool for sourcing bids for too long. Organizations wanting more collaboration — and innovation — from their suppliers should consider a collaborative bidding approach. By Kate Vitasek Apr 29, 2024 6 mins Outsourcing 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