Linköping, a Sweden-based global cloud enterprise software company, IFS entered into a definitive agreement to acquire California, USA-based Industrial AI software company that provides automated, high-speed data analysis to the manufacturing and defence industries, Falkonry AI. The company announced the acquisition on August 31, 2023. However, it did not disclose the amount of the transaction.
Purpose of the acquisition by IFS
The acquisition merges Falkonry’s self-learning anomaly detection solutions with IFS’s existing enterprise simulation and AI-based scheduling and optimization capabilities. It further strengthens IFS’s strategy to leverage 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.
The combination of Falkonry and Poka with IFS Cloud makes IFS the most compelling vendor for organizations wanting to establish the most progressive and effective Smart Factories of the future. IFS has expectations to complete the acquisition in Q4 2023.
What the officials of IFS have to comment
IFS CEO Darren Roos said, “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, which means the solution is both scalable and low-cost to implement – two fundamental attributes that very much align with our own values. Falkonry’s technology can be applied in all industries, and while 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.”
What the officials of Falkonry AI have to comment
Nikunj Mehta, CEO of Falkonry, further added, “The convergence of artificial intelligence and industrial processes has become increasingly crucial for organizations seeking to enhance productivity through data”. He added: “We are thrilled to join forces with IFS and looking forward to combining our unique strengths to provide a truly compelling value proposition to our existing customers as well as IFS’s customers. Becoming part of IFS will enable us to further innovate and extend the value we create for our customers.”
What the EAM and Smart Facilities officials have to add
Brian O’Rourke, IDC Research Manager, EAM and Smart Facilities, further said, “Today’s enterprise is continuously collecting asset performance data, making it a challenge across a multitude of industries from manufacturing to service to put it in the right context and take action in real-time. Organizations using artificial intelligence and machine learning models with their data for self-learning asset performance anomaly detection will generate critical insights faster, boosting productivity and business performance.”
About Falkonry AI
Nikunj Mehta launched the company in 2012. Headquartered in California, USA, the company also boasts a regional presence in Mumbai, India. Falkonry has customers across regions such as North America, South America, and Europe, including the US Navy and Air Force, Ternium, North American Stainless, Harbour Energy, and SSAB.
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