Demonstrates Union Square Advisors’ extensive platform in providing comprehensive advisory services to state-of-the-art AI companies
On August 31, 2023, Union Square Advisors announced it has served as the exclusive financial advisor to Falkonry, the Industrial AI software company, in its sale to IFS, the global cloud enterprise software company.
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.
Headquartered in California, USA, and regional presence in Mumbai, India, Falkonry was founded in 2012 by CEO Nikunj Mehta. The company has customers across North America, South America, and Europe, including the US Navy and Air Force, Ternium, North American Stainless, Harbour Energy, and SSAB, demonstrating its focus on industries in industrial manufacturing and Defense agencies.
IFS CEO, Darren Roos, commented, “Falkonry is unique in the market because its technology is agnostic and also it does not require data scientists. These are great differentiators for Falkonry that mean the solution is both scalable and low-cost to implement – two fundamental attributes that very much align to our own values.” Roos added, “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.”
Nikunj Mehta, CEO of Falkonry, commented, “The convergence of artificial intelligence and industrial processes has become increasingly crucial for organizations seeking to enhance productivity through data”. He added, “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.” He concluded, “Becoming part of IFS will enable us to further innovate and extend the value we create for our customers.”
“Union Square Advisors is incredibly pleased to partner with the Falkonry team as we continue to expand our presence and influence in the AI and AI-enabled software space,” said Carter McClelland, Chairman at Union Square Advisors.
IFS expects the acquisition of Falkonry to complete in Q4 2023.
For more information, read the full press release here.