Author: Naomi Cooper|| Date Published: September 5, 2023
IFS has agreed to acquire Falkonry, a California-headquartered developer of artificial intelligence-powered software, in a push to expand its enterprise software offerings for defense and manufacturing industries.
The transaction will combine Falkonry’s automated, self-learning anomaly detection tool with IFS’ AI-based planning, scheduling and optimization capabilities for enterprise asset management, IFS said Thursday.
Founded in 2012, Falkonry offers an AI suite designed to help manufacturers identify, analyze and fix anomalies in the early stages of their development processes. It caters to customers in the U.S. Navy, Air Force and other defense and intelligence organizations, as well as several foreign clients.
“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,” said IFS CEO Darren Roos.
IFS looks to conclude the transaction in the fourth quarter of 2023.
Union Square Advisors acted as the exclusive financial adviser to Falkonry on the deal.
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