IFS to acquire industrial AI software company Falkonry
IFS, a global leader in cloud enterprise software, announced today a definitive agreement to acquire Falkonry, Inc., a California-based industrial AI software company. This acquisition aims to supercharge IFS’s capabilities in AI-based data analysis, particularly for the manufacturing and defense sectors. Falkonry is known for its high-speed, automated data analysis solutions, which continuously monitor large data volumes from assets, machines, and industrial processes to identify unusual behavior and failure causes.
Transforming Operational Monitoring with Self-Learning AI
The rapidly growing scale of assets and machines over the past two decades has resulted in unprecedented amounts of data, complicating real-time operational monitoring and immediate enhancements like maintenance and process adjustments. Falkonry’s self-learning AI technology enables organizations to democratize intelligence, allowing operational users to make timely decisions to prevent asset downtimes, quality issues, and emission violations. It also automates process and workflow improvements.
IFS Bolsters EAM Capabilities with AI-Driven Insights
The inclusion of Falkonry’s technology into IFS’s existing enterprise software stack furthers the company’s strategy to leverage AI extensively. It aims to provide end-to-end intelligent insights in Enterprise Asset Management (EAM) across various platforms like Enterprise Resource Planning (ERP), Manufacturing Execution System (MES), Planning, Scheduling, Optimization (PSO), Field Service Management (FSM), and Enterprise Service Management (ESM). This will significantly increase both people and asset productivity.
Falkonry: A Global Presence in Industrial AI
Founded in 2012 and headquartered in California with a regional presence in Mumbai, India, Falkonry serves customers across North America, South America, and Europe. Among its clientele are prominent organizations such as the US Navy and Air Force, Ternium, North American Stainless, Harbour Energy, and SSAB. This extensive customer base underscores Falkonry’s commitment to industrial manufacturing and defense agencies.
Industry Leaders Comment on the Acquisition
Darren Roos, CEO of IFS, emphasized Falkonry’s unique position in the market, citing its technology agnosticism and lack of need for data scientists as key differentiators. Nikunj Mehta, CEO of Falkonry, expressed enthusiasm about joining forces with IFS, promising further innovation and value creation for customers.
What the Experts Say
“Self-learning asset performance anomaly detection using AI and machine learning models will generate critical insights faster, boosting productivity and business performance,” stated Brian O’Rourke, IDC Research Manager for EAM and Smart Facilities.
The Future of Smart Factories
This acquisition follows closely on the heels of IFS acquisition of Poka, a connected worker technology provider. The integration of Falkonry and Poka into IFS Cloud positions IFS as a major player for organizations aiming to develop the most advanced and effective Smart Factories.
Closing Remarks
The acquisition of Falkonry is expected to be finalized in Q4 2023. Union Square Advisors LLC acted as the exclusive financial advisor to Falkonry for this transaction.