Nokia buys SpaceTime Insight to strengthen software portfolio.
- Frederik Herholdt
- May 9, 2018
- 1 min read
Nokia recently announced that the company acquired SpaceTime Insight, a software company that provides machine learning-powered analytics and IoT applications for big transportation, energy and utilities companies like Entergy, FedEx, NextEra Energy, Singapore Power or Union Pacific Railroad.
Nokia's Software president, Bhaskar Gorti, told TechCrunch that the terms of the deal have not been finalised yet, but confirmed that SpaceTime CEO Rob Schilling will assume the role of head of IoT at Nokia following the acquisition.
How could this acquisition help Nokia?
The acquisition could help Nokia by growing its Internet of Things (IoT) business and diversifying it away from a dependence on communications equipment revenue. This acquisition further strengthens Nokia’s software business by offering more solutions to energy, transportation or utilities markets. The cost of acquisition hasn’t been made public yet.
SpaceTime Insight has a number of established customers, including Singapore Power, FedEx, and Entergy.“All devices have to connect. IoT is strategic for us, and we are moving in this direction,” said Nokia.
Posted 9 May 2018 | Frederik Herholdt
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