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 brandpost Sponsored by HP How managed device services enable the inclusion of sustainability principles into IT Find out how to Improve resiliency, reduce costs and create better experiences, with the HP-sponsored IDC whitepaper on the benefits of managed device services. By Sherry Brecher May 24, 2024 3 mins Green IT brandpost Sponsored by HP Monitoring the surface of the sun with NASA’s Solar Dynamics Observatory NASA and its contractors are increasingly turning to AI as a reliable way to collect and analyze data. Find out how Z by HP has enabled them to transform the way they analyze data. By Sherry Brecher May 24, 2024 3 mins Artificial Intelligence brandpost Sponsored by HP Designing employee communication for the modern office Three keys to ensure collaboration, productivity, and connection. By Sherry Brecher May 24, 2024 2 mins Employee Experience brandpost Sponsored by HP How to implement zero trust device security Improve cybersecurity posture and build a foundation for corporate-wide trusted digital workspaces, with HP Anyware’s Zero Trust device security. By CIO May 24, 2024 3 mins Endpoint Protection 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