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Enterprise resource planning (ERP) software vendor IFS has agreed to acquire Falkonry, the developer of an AI-based time-series data analytics tool, to boost its enterprise asset management (EAM) services portfolio.

IFS has an eye on the growing number of connected machines in factories, and will add Falkonry’s self-learning Time Series AI Suite, which can help enterprises manage and maintain manufacturing equipment, to its existing enterprise simulation and AI-based scheduling and optimization capabilities.  

EAM can be considered a subset of ERP software, providing tools and applications to manage the lifecycle of physical assets in an enterprise, in order to maximize their value. The global EAM market is expected to grow at a compound annual growth rate (CAGR) of 8.7% to reach $5.5 billion by 2026, from $3.3 billion in 2020, according to research from MarketsandMarkets.

Cupertino-headquartered Falkonry, which was founded in 2012 by CEO Nikunj Mehta, has customers across North America, South America, and Europe, including the US Navy and Air Force, Ternium, North American Stainless, and Harbour Energy, among others. It has raised $13.3 million in funding from investors including Zetta Venture Partners, SparkLabs Accelerator, Polaris Partners, Presidio Ventures, Basis Set Ventures, Fortive, and Next47. IFS expects to complete the acquisition of Falkonry by the fourth quarter of 2023. In June, it announced the acquisition of Poka — a connected worker software services provider — in order to boost the productivity of an overall factory. And last year it scooped up Netherlands-based Ultimo to help meet demand for cloud-based enterprise asset management technology.

Asset Management Software, Enterprise Applications, Mergers and Acquisitions

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Accenture on Tuesday said that it was acquiring Flutura, an internet of things (IoT) and data science services firm, for an undisclosed sum to boost the industrial AI services that it sells under the umbrella of Applied Intelligence.

The acquisition assumes significance as the Asia-Pacific region constitutes 70% of Accenture’s Applied Intelligence market, according to Gartner. EMEA, North America and Latin America account for 15%, 10% and 5% of the softwares sales, respectively.

“Flutura’s acquisition will power industrial AI-led transformation for our clients globally and particularly in Australia, South-East Asia, Japan, Africa, India, Latin America and the Middle East,” Senthil Ramani, senior managing director at Accenture, said in a press note.

Accenture also leads the industrial AI services market followed by Deloitte, according to a Gartner analysis conducted in 2022. The market research firm, which clubs these services as data and analytics (D&A) services, expects its market to reach $232 billion globally by the end of 2024.

As part of its Applied Intelligence services, Accenture offers data-led transformation services along with AI-based solutions that it brands as Solutions.AI. Other services include consulting and ensuring deployment of responsible AI solutions.

Accenture plans to bring Flutura’s capabilities to clients in the energy, chemicals, metals, mining, and pharmaceutical industries, the companies said in a joint statement.

“Flutura democratizes AI for engineers, enabling manufacturing and other asset-intensive companies with the carbon intelligence to reduce emissions, energy consumption and lost output due to unplanned downtime of industrial assets, said Ramani.

Flutura’s capabilities includes AI platform Cerebra that supports self-service analytics from disparate IT systems or data sources, solutions for process, asset management and energy efficiency.

Flutura also offers connected assets, connected processes, Vision Intelligence, Engineer’s Workbench as its core product offerings.

Bengaluru-based Flutura, which was incorporated in 2012, was founded by Derick Jose, Krishnan Raman, and Srikanth Muralidhara. The company, which has raised $8.5 million in investment, was part of Microsoft Accelerator in Bengaluru. Its lead investors include HPE Digital Catalyst program, Vertex Ventures, Hitachi High-Technologies and Lumis Partners.

Artificial Intelligence, Internet of Things, IoT Platforms