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 Dell Technologies and NVIDIA Making the shift from computation to cognition By Dell Technologies and NVIDIA Jun 11, 2024 4 mins Artificial Intelligence opinion Rebranding IT for the modernized IT mission The CIO’s remit has evolved considerably from the order-taker days. Perhaps it’s time to reflect that shift with a rebranding of your IT organization. Here’s how top CIOs do it. By Isaac Sacolick Jun 11, 2024 10 mins Business IT Alignment Digital Transformation IT Strategy feature CIOs help set the workforce AI training agenda To ensure AI leads to improved productivity and better outcomes, IT leaders must help establish training strategies that allow for employee input and experimentation — and emphasize purpose. By Rachel Curry Jun 11, 2024 7 mins IT Training Artificial Intelligence news Anticipating Tomorrow: Preparing for AI-Driven digital transformation at the upcoming IDC Saudi Arabia CIO Summit 2024 By Andrea Benito Jun 10, 2024 3 mins 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