Nokia hopes the acquisition of SpaceTime Insight will boost its IoT software and product division and allow it to create better applications for key verticals, such as energy, logistics, transportation and utilities.
US-based SpaceTime Insight specialises in machine learning and IoT analytics and already counts Entergy, FedEx, NextEra Energy, Singapore Power and Union Pacific Railroad among its customer base.
What attracted Nokia was the way its technology is designed for asset-intensive industries, allowing customers to make accurate predictions and optimise the associated operations. Nokia claims this reduces customer cost and risk, reduces service outages and increases efficiencies.
SpaceTime Insight, along with CEO Rob Schilling, will become part of Nokia Software business group’s IoT product unit.
"Today marks a transformational moment for SpaceTime, and I'm delighted to join forces with one of the world's top organisations-a global brand that is reshaping the future of networking and intelligent software,” said Schilling. “I am excited for this incredible opportunity to help accelerate and scale Nokia's IoT business and provide a new class of next-generation IoT solutions customers cannot find anywhere else."
"Adding SpaceTime to Nokia Software is a strong step forward in our strategy, and will help us deliver a new class of intelligent solutions to meet the demands of an increasingly interconnected world,” added Bhaskar Gorti, president of Nokia Software. “Together, we can empower customers to realize the full value of their people, processes and assets, and enable them to deliver rich, world-class digital experiences."
Since selling its devices and services business to Microsoft five years ago, Nokia has refocused on networks and advanced technologies. It has since sold its HERE mapping division to a consortium of German carmakers and earlier this month sold its Withings wearable business.
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