Nokia has announced that it has acquired SpaceTime Insight to expand its Internet of Things (IoT) business and IoT analytics capabilities.
SpaceTime Insight provides machine learning-powered analytics and IoT applications for some of the world’s largest transportation, energy and utility organisations.
Designed specifically for asset-intensive industries, the machine learning models and other advanced analytics of SpaceTime Insight predict asset health with a high degree of accuracy and optimise related operations, thereby helping its customers cut cost and risk while increasing operational efficiencies and reducing service outages.
Without disclosing the terms of the deal, Nokia said the acquisition will accelerate the development of the company’s IoT offerings to deliver high-value IoT applications and services to new and existing customers.
Bhaskar Gorti, President of Nokia Software, said in a statement: “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.
“Together, we can empower customers to realise the full value of their people, processes and assets, and enable them to deliver rich, world-class digital experiences.”
Rob Schilling, CEO of SpaceTime Insight who will become the head of Nokia’s IoT unit said: “Today marks a transformational moment for SpaceTime, and I’m delighted to join forces with one of the world’s top organizations-a global brand that is reshaping the future of networking and intelligent software. I am excited about 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.”
Nokia which is struggling with a significant decline in phone sales and it is constantly searching new businesses to explore and expand its business.
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