Acquisition positions IFS as the only vendor with leading ERP, EAM, FSM and ESM functionality now able to provide AI-generated anomaly detection to drive automation and optimization of processes and workflows across its entire platform.
IFS, the global cloud enterprise software company, announced it has 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 self-learning solution, driven by AI, consistently oversees extensive data sets related to assets, machinery, systems, and industrial processes. Its primary function is to identify and analyze abnormal behavior as well as the root causes of failures.
Over the last twenty years, the exponential growth of assets, machinery, and fleets has resulted in an overwhelming influx of data. This surge has complicated real-time operational monitoring, impeding immediate improvements such as maintenance and process adjustments. Falkonry’s automated and self-learning AI technology offers a solution by empowering organizations to democratize intelligence. This enables operational users to promptly intervene to prevent asset downtimes, address quality issues, and mitigate emission violations. Additionally, it facilitates the automation of process and workflow enhancements.
The incorporation of Falkonry’s self-learning anomaly detection solution into IFS’s existing suite, which includes enterprise simulation and AI-based scheduling and optimization capabilities, underscores the company’s overarching strategy. This strategy involves deploying AI comprehensively to deliver end-to-end intelligent insights in Enterprise Asset Management (EAM) across various technological domains, including Enterprise Resource Planning (ERP), Manufacturing Execution System (MES), Planning, Scheduling, Optimization (PSO), Field Service Management (FSM), and Enterprise Service Management (ESM). The aim is to enhance both people and asset productivity.
Falkonry, headquartered in California, USA, with a regional presence in Mumbai, India, was established in 2012 by CEO Nikunj Mehta. The company boasts a diverse clientele across North America, South America, and Europe, which includes prominent entities such as the US Navy and Air Force, Ternium, North American Stainless, Harbour Energy, and SSAB. This client portfolio underscores Falkonry’s focus on serving industries in industrial manufacturing and Defense agencies.
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 mean the solution is both scalable and low-cost to implement – two fundamental attributes that very much align to our own values.” Roos added: “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.”
Nikunj Mehta, CEO of Falkonry, commented: “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.” He concluded: “Becoming part of IFS will enable us to further innovate and extend the value we create for our customers.”
“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,” said Brian O’Rourke, IDC Research Manager, EAM and Smart Facilities.’
This acquisition follows soon after IFS’s acquisition of Poka, a provider of connected worker technology that empowers factory and field operatives to work smarter, safer and drive productivity. The integration of Falkonry and Poka into the IFS Cloud positions IFS as the most compelling vendor for organizations seeking to establish forward-thinking and highly efficient Smart Factories in the future.
Falkonry is an AI software platform for time series data, enabling industrial organizations to improve operational productivity, reduce risk, and put an end to unplanned downtime. By analyzing terabytes of machine and sensor data, Falkonry AI applications identify developing faults earlier and better than would ever be possible with manual systems. Maintenance and operations teams use Falkonry applications for faster troubleshooting and taking timely actions. This patented AI requires no set up and securely scales across the enterprise in both cloud and edge. For more information, please visit: falkonry.com