Swedish bearing manufacturer SKF (STO: SKFA) Goteborg, Sweden, has agreed to acquire Presenso Ltd.,Haifa, Israel, a company that develops and deploys artificial intelligence (AI)-based predictive maintenance software. Terms of the transaction were not disclosed.

Presenso's AI capability enables production plants to find and act on anomalies that were previously difficult to detect, automatically and without the need to employ data scientists. Presenso's competence will be used to strengthen SKF's Rotating Equipment Performance offer. The acquisition is expected to be completed during Q4 2019.

"SKF is all about reliable rotation, technology leadership and solving real world challenges,” said Victoria Van Camp, CTO and president, innovation and business development. “Today, we are welcoming a team of world-class AI developers, with a production-ready analytics solution into SKF. Together we will change the way industry looks at reliability and make AI an integrated part of production."