Swedish manufacturing giant SKF has acquired the Israeli artificial intelligence (AI) company, Presenso. Both companies announced the news in a joint meeting held on Monday.

Author Muge Hizal Dogaroglu | Copperberg

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Swedish manufacturing giant SKF has acquired the Israeli artificial intelligence (AI) company, Presenso. Both companies announced the news in a joint meeting held on Monday.

Presenso, a startup founded in 2015, develops and offers predictive maintenance software. The company’s software uses ML to create algorithms that are designed to predict machine failures. According to Xinhuanet’s article, Presenso’s customers include European and U.S based manufacturers in energy, oil and gas, metals and chemicals sectors.

The acquisition showcases the ongoing battle within the industrial sector to disrupt traditional break/fix business models and gear up software expertise. Over the past decade, we’ve seen through our community of service leaders, the increasing efforts and investments manufacturing companies are taking to be at the forefront of the 4th industrial revolution.

And SKF, along with the likes of ABB or GE, has been at the forefront in developing their digital capability to offer best-in-class, outcome based solutions to customers.

How is your organization developing its digital business? Via M&A’s, or recruiting in-house? Let me know your feedback at muge.hizal@copperberg.com