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 10 things to watch out for with open source gen AI Open source generative AI models can be downloaded for free, used at scale without racking up API call costs, and run securely behind corporate firewalls. But don’t let your guard down. Risks still exist and some aren’t only magnified, bu By Maria Korolov May 15, 2024 12 mins CIO Generative AI IT Skills interview How BayCare Health System excels in raising data literacy With 16 hospitals, hundreds of facilities, and 33,000 employees, the Florida-based healthcare system has a significant need for all kinds of data to improve operations, patient experience, and population health. Here, CIO William Walders sits with Ma By Martha Heller May 15, 2024 7 mins CIO Healthcare Industry Data Architecture news analysis EU moves toward regulating data center energy and water use Upcoming regulation on energy efficiency reporting for EU data centers may herald further sustainability mandates — and necessary CIO actions — to come. By Grant Gross May 15, 2024 6 mins Regulation Green IT Data Center news NASA appoints first chief AI officer as the technology’s importance rises The US space agency has quietly pioneered AI for decades. With CDO David Salvagnini’s expanded remit, it now has a dedicated leader to coordinate and secure use of the rapidly advancing technology. By John Dunn May 14, 2024 4 mins Aerospace and Defense Industry Chief Data Officer Government IT 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