IFS announced the signing of an agreement to acquire Falkonry at the beginning of September. The California-based company specializes in industrial AI software and automated high-speed data analytics for the manufacturing and defense industries.

The AI-based, self-learning solution continuously monitors large amounts of data from industrial plants, machines, systems and processes to detect and analyze unusual behavior and causes of failure. By using Falkonry's automated and self-learning AI, companies can make the necessary knowledge available to a wider user group so that users can take timely action to prevent plant failures, quality problems and emissions violations. They can also automate process and workflow improvements.

The integration of Falkonry's self-learning anomaly detection solution into IFS' existing AI-based business simulation, planning and optimization capabilities underscores the company's strategy to leverage AI extensively. The aim is to make the insights gained available in the areas of EAM (Enterprise Asset Management), ERP (Enterprise Resource Planning), MES (Manufacturing Execution System), PSO (Planning, Scheduling, Optimization), FSM (Field Service Management) and ESM (Enterprise Service Management) and thus increase the productivity of employees and plants.

Darren Roos, CEO of IFS, comments: "Falkonry is unique in the market because its technology is agnostic and does not require data scientists. These are key differentiators of Falkonry that mean the solution is both scalable and cost effective to implement - two fundamental attributes that fit very well with our own values."

Falkonry is headquartered in California, USA. The regional office in Mumbai, India, was founded in 2012 by CEO Nikunj Mehta. The company has customers in North America, South America and Europe, including the US Navy and US Air Force, Ternium, North American Stainless, Harbour Energy and SSAB, reflecting its focus on the manufacturing industry and defense agencies.

IFS expects to complete the acquisition of Falkonry in the fourth quarter of 2023.