IFS, the global cloud enterprise software company, announced it signed a definitive agreement to acquire Falkonry, Inc. a California-based Industrial AI software company that provides automated, high-speed data analysis to the manufacturing and defense industries.
The AI-based, self-learning solution continuously monitors large volumes of data for assets, machines, systems and industrial processes to discover and analyze unusual behavior and causes of failures.
By leveraging Falkonry’s automated and self-learning AI, organizations can democratize intelligence, enabling operational users to take timely actions to prevent asset downtimes, quality issues and emission violations and automate process and workflow improvements.
The addition of the Falkonry self-learning anomaly detection solution to existing IFS enterprise simulation and AI-based scheduling and optimization capabilities further evidences the company’s strategy to use AI pervasively 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.
Headquartered in California, USA, and regional presence in Mumbai, India, Falkonry was founded in 2012 by CEO Nikunj Mehta. The company has customers across North America, South America, and Europe, including the U.S. Navy and Air Force, Ternium, North American Stainless, Harbour Energy and SSAB.
IFS CEO, Darren Roos, commented, “Falkonry is unique in the market because its technology is agnostic and also it does not require data scientists. These are great differentiators for Falkonry that means the solution is both scalable and low-cost to implement—two fundamental attributes that very much align to our own values. Falkonry’s technology can be applied in all industries, and whilst the team has some hugely impressive references in IFS’s focus markets on asset performance management, manufacturing execution systems, servitization and configurable workflows, we see a really broad addressable market to capitalize on.”
This acquisition follows soon after the IFS acquisition of Poka, a provider of connected worker technology. IFS expects the acquisition of Falkonry to complete in Q4 2023.