IFS, a Linköping, Sweden-based global cloud enterprise software company, is to acquire Falkonry, Inc. a Cupertino, CA-based Industrial AI software company that provides automated, high-speed data analysis to the manufacturing and defense industries.
The amount of the deal was not disclosed. IFS expects the acquisition of Falkonry to complete in Q4 2023.
The acquisition positions IFS as a vendor providing ERP, EAM, FSM and ESM functionality now able to offer AI-generated anomaly detection to drive automation and optimization of processes and workflows across its entire platform.
Founded in 2012 by CEO Nikunj Mehta, Falkonry is an AI software platform for time series data, enabling industrial organizations to improve operational productivity, reduce risk, and put an end to unplanned downtime. By analyzing terabytes of machine and sensor data, Falkonry AI applications identify developing faults earlier and better than would ever be possible with manual systems. Maintenance and operations teams use its applications for faster troubleshooting and taking timely actions. This patented AI requires no set up and securely scales across the enterprise in both cloud and edge. Headquartered in California, USA, and regional presence in Mumbai, India. The company has customers across North America, South America, and Europe, including the US Navy and Air Force, Ternium, North American Stainless, Harbour Energy, and SSAB, demonstrating its focus on industries in industrial manufacturing and Defense agencies.
Led by CEO Darren Roos, IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build, and maintain assets, and manage service-focused operations. The addition of Falkonry’s self-learning anomaly detection solution to IFS’s existing enterprise simulation and AI-based scheduling and optimization capabilities further evidences the company’s strategy to use AI to provide end-to-end intelligent insights in EAM (Enterprise Asset Management) across ERP (Enterprise Resource Planning), MES (Manufacturing Execution System), PSO (Planning, Scheduling, Optimization), FSM (Field Service Management) and ESM (Enterprise Service Management) technology to increase people and asset productivity.
This acquisition follows soon after IFS’s acquisition of Poka, a provider of connected worker technology that empowers factory and field operatives to work smarter, safer and drive productivity.
The company has a team of over 5,500 employees.
FinSMEs
31/08/2023