Enterprise useful resource planning (ERP) software program vendor IFS has agreed to amass Falkonry, the developer of an AI-based time-series information analytics instrument, to spice up its enterprise asset administration (EAM) companies portfolio.

IFS has a watch on the rising variety of linked machines in factories, and can add Falkonry’s self-learning Time Sequence AI Suite, which can assist enterprises handle and keep manufacturing gear, to its present enterprise simulation and AI-based scheduling and optimization capabilities.  

EAM may be thought of a subset of ERP software program, offering instruments and purposes to handle the lifecycle of bodily belongings in an enterprise, with a purpose to maximize their worth. The worldwide EAM market is predicted to develop at a compound annual progress price (CAGR) of 8.7% to achieve $5.5 billion by 2026, from $3.3 billion in 2020, based on analysis from MarketsandMarkets.

Cupertino-headquartered Falkonry, which was based in 2012 by CEO Nikunj Mehta, has clients throughout North America, South America, and Europe, together with the US Navy and Air Pressure, Ternium, North American Stainless, and Harbour Power, amongst others. It has raised $13.3 million in funding from buyers together with Zetta Enterprise Companions, SparkLabs Accelerator, Polaris Companions, Presidio Ventures, Foundation Set Ventures, Fortive, and Next47. IFS expects to finish the acquisition of Falkonry by the fourth quarter of 2023. In June, it introduced the acquisition of Poka — a linked employee software program companies supplier — with a purpose to enhance the productiveness of an general manufacturing unit. And final yr it scooped up Netherlands-based Ultimo to assist meet demand for cloud-based enterprise asset administration expertise.