Fiix, a Toronto-based maintenance and asset management software provider, has acquired Alchemy IoT, a Lafayette, Colorado-based industrial asset intelligence company.
No financial terms were disclosed.
Fiix said the acquisition will bring artificial intelligence capabilities to its computerized maintenance management system (CMMS) products.
The deal follows the close earlier this year of Fiix’s $53 million (US$40 million) Series C financing. The round was led by Georgian Partners and joined by BuildGroup.
PRESS RELEASE
Fiix Acquires Alchemy IoT to Build First True AI-Powered CMMS
TORONTO, Aug. 12, 2019 /CNW/ – Fiix Inc, the leading provider of cloud-based maintenance and asset management software, today announced it has acquired Alchemy IoT, an industrial asset intelligence company.
The acquisition makes Fiix the first CMMS vendor to bring true AI-driven predictive maintenance to the market, by combining Fiix’s smart asset management solution and Alchemy’s machine learning software. The addition of Alchemy’s patented asset health monitor will extend Fiix’s innovative maintenance platform to include real-time, AI-driven asset health and anomaly detection.
Following closely on the launch of Fiix’s new Integration Hub, this acquisition is the second announcement in less than a month that shows the CMMS software provider is leading the market by enabling condition-based and predictive maintenance capabilities for its customer base— essential tools for maintenance and asset managers looking to modernize their operations.
“We planted an Industry 4.0 flag with the launch of our Integration Hub and now we’re cementing that position with this acquisition,” says James Novak, CEO of Fiix.
“Fiix is focused on ensuring our customers have the tools they need to stay competitive. We were the first to see cloud software as the key to helping customers simplify their journey to modern maintenance. The addition of AI capabilities to our products is the next step on this digital journey. By connecting workflow software to asset sensors, production systems, and enterprise software and enabling real-time asset health monitoring, we’re connecting the dots on the whole Industry 4.0 ecosystem. This gives our customers the insight into asset performance that they need to run stronger maintenance programs and stay ahead of the curve.”
According to the International Data Corporation (IDC), worldwide spending on IoT is forecast to reach $745 billion in 2019 alone, as more organizations eschew out-of-date systems and legacy software in order to build smarter and more connected businesses. Fiix has long been at the forefront of this digital transformation, and continues to leverage its unique position as one of the first true cloud vendors to develop intelligent, connected system for the evolving needs in the maintenance and asset management space.
About Fiix
Fiix is the maintenance and asset management software provider that’s putting the power in your hands by simplifying the journey to modern maintenance. Whether you’re looking to organize assets and manage work, or connect to business systems and make data-driven decisions, we partner with you to give you the tools to evaluate, buy, implement, and integrate software, and start your reliability journey.
Visit www.fiixsoftware.com for more.
For further information: Press Contact: Jes Ellacott, Manager, Content Marketing, press@fiixsoftware.com.