This acquisition positions IFS as the only vendor with industry-leading ERP, EAM, FSM and ESM capabilities, now able to deliver AI-driven anomaly detection to drive process and workflow automation and optimization. work across its entire platform.
CUPERTINO, California., August 31, 2023 /PRNewswire/ — IFS, the global cloud enterprise software company, today announced that it has signed a definitive agreement to acquire Falkonry, Inc. CaliforniaAI-powered industrial AI software company that provides automated, high-speed data analytics to the manufacturing and defense industries. The AI-based self-learning solution continuously monitors large volumes of data on industrial assets, machines, systems and processes to uncover and analyze unusual behaviors and causes of failures.
Over the past two decades, the growing size of assets, machines and fleets has generated unprecedented amounts of data, making real-time operational monitoring very complex and hampering immediate operational improvements, such as maintenance and adjustments. process. By leveraging Falkonry’s automated, self-learning AI, organizations can democratize intelligence, empowering operational users to take timely action to prevent asset downtime, quality issues and emissions violations and automate process and workflow improvements.
The addition of Falkonry’s self-learning anomaly detection solution to IFS’ existing business simulation and AI-based planning and optimization capabilities further demonstrates the company’s strategy. business of using AI pervasively to deliver intelligent insights end-to-end 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) to increase the productivity of people and assets.
Based at California, United Statesand a regional presence in Mumbai, IndiaFalkonry was founded in 2012 by CEO Nikunj Mehta. The company has customers everywhere North America, South AmericaAnd Europeincluding the US Navy and Air Force, Ternium, North American Stainless, Harbor Energy and SSAB, demonstrating the focus on industrial manufacturing industries and defense agencies.
CEO of IFSDarren Roos, commented: “Falkonry is unique in the market because its technology is agnostic and also does not require data scientists. These are big differentiators for Falkonry that mean the solution is both scalable and inexpensive to implement – two core attributes that are very much in line with our own values.” Roos added.“Falkonry’s technology can be applied across industries, and while the team has extremely impressive credentials in IFS’s target markets in asset performance management, manufacturing execution systems, servitization and configurable workflows, we see a very large addressable market to capitalize on.”
Nikunj MehtaCEO of Falkonry, commented: “The convergence of artificial intelligence and industrial processes has become increasingly crucial for organizations seeking to improve their productivity through data”. He added“We are thrilled to join forces with IFS and look forward to combining our unique strengths to deliver a truly compelling value proposition to our existing customers as well as IFS customers.” He concluded : “Being part of IFS will allow us to further innovate and expand the value we create for our customers. »
“Today’s business continually collects asset performance data, making it difficult across a multitude of industries, from manufacturing to services, to put it into the right context and act in real time. . Organizations that use artificial intelligence and machine learning models with their data for self-learning asset performance anomaly detection will generate critical insights faster, increasing business productivity and performance , ” said Brian O’RourkeResearch manager IDC, EAM and intelligent installations.’
This acquisition follows IFS’ acquisition of Poka, a provider of connected worker technology that enables factory and field operators to work smarter, safer and improve productivity. The combination of Falkonry and Poka with IFS Cloud makes IFS the most attractive provider for organizations looking to establish the most progressive and efficient smart factories of the future.
IFS expects the acquisition of Falkonry to be completed in the fourth quarter of 2023.
Union Square Advisors LLC served as exclusive financial advisor to Falkonry in the transaction.
IFS develops and delivers cloud-based enterprise software for companies around the world that manufacture and distribute goods, build and maintain assets, and run service-oriented operations. Within our single platform, our industry-specific products are inherently connected to a single data model and use embedded digital innovation so our customers can perform at their best when it really matters to their customers. – at the Moment of Service™. The industry expertise of our people and our growing ecosystem, along with our commitment to delivering value every step of the way, have made IFS a recognized leader and the most recommended supplier in our industry. Our team of more than 5,500 employees embodies our values of agility, reliability and collaboration every day in the way we support our thousands of customers. Discover how our enterprise software solutions can help your business today at ifs.com.
Falkonry is an AI software platform for time series data, enabling industrial organizations to improve operational productivity, reduce risk and end unplanned downtime. By analyzing terabytes of machine and sensor data, Falkonry AI applications identify defects in development earlier and better than would ever be possible with manual systems. Maintenance and operations teams use Falkonry apps to troubleshoot faster and take timely action. This patented AI requires no configuration and scales securely across the enterprise, both in the cloud and at the edge.
For more information, please visit: falkonry.com
EUROPE /MEA/APJ: Adam Gillbe
IFS, Director of Corporate & Executive Communication
Telephone: +44 7775 114 856
NORTH AMERICA / LATAM: Marie Morgane
IFS, Director of Corporate & Executive Communication
Telephone: +1 520 396 2155
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IFS to acquire Falkonry AI
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