The takeover gives RPM access to IMAFS inventory optimisation software, which uses the cloud to manage inventory and predict when customers will need major parts and components.

The software is designed to hook into companies' enterprise resource planning systems and use artificial intelligence algorithms to improve inventory management.

Managing maintenance, repair and operational inventories is critical for operational continuity and meeting production targets.

A poor inventory optimisation process can often lead to companies ordering inventory urgently and reactively instead of predictively, which can be costly.

RPM CEO and managing director Richard Mathews said the product was a great fit with RPM's existing product suite and further built on its cloud and optimisation offerings by predicting future demand.

"That future demand is the critical piece of the puzzle so that IMAFS can optimise procurement and management of critical parts and components," he said.

"Organisations can take forecasts from their customers into the IMAFS product, thereby assisting them in optimising their massive spare parts inventory."

IMAFS founder Robert Lamarre said he was convinced that the IMAFS product suite would benefit from increased investment and the sales and marketing support that RPM could offer those products globally.