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 CSO30 Awards: Introducing the top 30 security leaders in the UAE By Andrea Benito May 22, 2024 4 mins brandpost Sponsored by Huawei A Glance at the Intelligent Network Plans from Huawei Analyst Summit 2024 By Chris Barnard May 22, 2024 4 mins Digital Transformation Networking news PagerDuty seeks to ease incident response with generative AI The IR SaaS company has enhanced its PagerDuty Copilot to provide natural-language post-incident reviews, among other automation, summarization, and analysis features. By Evan Schuman May 22, 2024 4 mins Incident Response Generative AI Enterprise Applications how-to Download our enterprise architecture (EA) tools buyer’s guide From the editors of CIO, this enterprise buyer’s guide helps CIOs and other IT leaders understand what enterprise architecture (EA) can do for them and the kinds of tools available to do EA well. By Sarah K. White and Peter Wayner May 22, 2024 1 min Enterprise Architecture Development Tools Enterprise Buyer’s Guides 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