Ivara acquires rights to UofT’s reliability technologies
Burlington, ON -- Ivara Corp., a provider of asset reliability solutions, has entered into agreements with Dr. Andr...
Burlington, ON — Ivara Corp., a provider of asset reliability solutions, has entered into agreements with Dr. Andrew Jardine of the University of Toronto and the Centre for Materials and Manufacturing (CMM) to acquire the rights to advanced reliability technologies developed by Dr. Jardine and commercialized by the CMM.
The technologies will be embedded into Ivaras reliability solution, Ivara EXP. The technology offers customers powerful statistical capabilities that enable them to make more informed decisions regarding asset repair, replacement and preventive maintenance strategies.
Dr. Jardine, a professor of industrial engineering, is a globally recognized authority in the fields of maintenance and reliability. Ivara has acquired the rights to the following technologies developed by Dr. Jardine during his 25 years of research into the area of maintenance optimization:
– Asset Life Cycle Costing for Mobile and Fixed Equipment: These unique technologies allow organizations to seamlessly establish the economic life of their mobile and fixed assets. The technology also helps to determine the correct decision for difficult repair vs. replace situations, as well as monitor individual equipment to establish its optimal replacement time.
– PM Optimization: This advanced technology uses information about components failure and operating cost history, and applies reliability trend and Weibull analyses to identify failure patterns and determine the optimal replacement policy.
– The CMM is an Ontario Centre of Excellence that supports research and training within Ontarios materials and manufacturing sectors. The Centres goal is to accelerate new innovations and commercialize new advances through R&D activities. Through CMM, Ivara has acquired the rights to the following technology developed at the University of Torontos world renowned Condition-Based Maintenance Laboratory, headed by Dr. Jardine:
– Capital and Emergency Spares Optimization: This sophisticated technology determines the optimal stocking level for high value critical spares. By balancing the expense of capital spares against the risk of unexpected failure this technology supports an organizations optimal maintenance plan, resulting in significant cost savings and improved plant reliability.
Organizations today face the challenge of analyzing volumes of equipment data in order to make evidence-based maintenance decisions, says Dr. Jardine. Ivara is reinforcing its reliability leadership by being the only software vendor to incorporate these innovative technologies into their solutions to support difficult repair versus replace decisions. I look forward to collaborating with them as we move forward.
Ivara remains on the leading edge of advanced reliability techniques by joining forces with pioneers in the field of maintenance optimization, says Gerry Bleau, president and CEO, Ivara Corp. By embedding these unique technologies into our offerings, we are empowering our customers with the industrys most advanced statistical tools that enable strategic maintenance decisions and take equipment reliability to the next level.
For more information, visit www.ivara.com.