IFS is broadening its portfolio beyond ERP, EAM, FSM, and ESM capabilities by introducing AI-powered anomaly detection.
IFS has signed a definitive agreement to acquire Falkonry, Inc. a California-based Industrial AI software company. By leveraging Falkonry’s automated and self-learning AI, organizations can democratize intelligence, enabling operational users to take timely actions to prevent asset downtimes, quality issues, and emission violations and automate process and workflow improvements.
Commenting on the acquisition, Darren Roos, CEO, IFS said, “Falkonry’s technology can be applied in all industries, and whilst 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, Falkonry, added, “The convergence of artificial intelligence and industrial processes has become increasingly crucial for organizations seeking to enhance productivity through data. 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.”
The AI-based, self-learning solution continuously monitors large volumes of data for assets, machines, systems, and industrial processes to discover and analyze unusual behavior and causes of failures. The addition of Falkonry’s self-learning anomaly detection solution to IFS’s existing enterprise simulation and AI based scheduling and optimization capabilities further evidences the company’s strategy to use 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.
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 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
