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 Fueling the digital revolution: The rise of Data Centers in Saudi Arabia By Andrea Benito May 13, 2024 2 mins feature CEOs’ top priorities for IT leaders today Chief executives are displaying a deeper understanding of technology’s impact on achieving organizational objectives — and they are shifting their directives for IT leaders to ensure that impact is a success. By Mary Pratt May 13, 2024 11 mins Business IT Alignment Digital Transformation IT Strategy news analysis IBM’s watsonx.governance takes aim at AI auditing With regulation on the rise, IT leaders must ensure AI model safety and integrity. Big Blue believes it has an edge, offering audit trails, real-time monitoring, and platform flexibility. By Anirban Ghoshal May 13, 2024 6 mins IBM Generative AI Data Governance news Boomi burnishes API management capabilities The launch version of the framework comes with four agents — Boomi Answers, Boomi DesignGen, Boomi DataDetective, and Boomi Scribe. By John Leyden May 10, 2024 4 mins APIs PaaS 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