The Finnish company, Nokia acquires California-based software organization SpaceTime Insight on Monday. SpaceTime Insight is an industrial Internet of Things (IIoT) company that provides machine learning analytics and solutions to the transportation, manufacturing and utility organizations.
Nokia is refining its portfolio to become a business-to-business and licensing company this year. The previous week it announced to sell its Digital Health business group. Subsequently, the purchase of IIoT Company, SpaceTime Insight aligns with its current shift in focus, that is, expanding Internet of Things (IoT) portfolio and developing 5G infrastructure.
About SpaceTime Insight
SpaceTime Insight was co-founded by Jagadeesh Macherla and Krishna Kumar in San Mateo, California in 2007. The company has raised $50m in funding till date, according to CrunchBase. Serving clients like Entergy, FedEx, NextEra Energy, Singapore Power and Union Pacific Railroad, the IIoT organization offers advanced solutions to the asset-intensive industries to showcase the holistic value of their people, processes, and assets.
SpaceTime Insight’s modern machine learning algorithm gives precise information on probable asset health. These insights aid the businesses to help them trim down cost and risk, reduces service outages and increase resources efficiencies.
Rob Schilling, CEO of SpaceTime Insight marked acquisition as a revolutionary moment for the company. He expresses, “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.” As a result of the acquisition, Schilling will join and head the Nokia’s Internet of Things unit within Nokia Software business group. “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,” he adds.
Added benefits to Nokia IoT Product Unit
The Finnish mobile manufacturer, Nokia reported over €23 billion in total revenues the previous year. Within that, the software group accounted for mere €1.6 billion of business, and IoT is a minor part of this group.
Following the result, Nokia acquires SpaceTime Insight to reap multiple advantages to the former software business. It aspires to widen its presence in key vertical markets, including energy, logistics, transportation and utilities. SpaceTime Insight has proven track record and sales expertise in IoT application, machine learning and data science. Eventually, the acquisition will strengthen Nokia’s elite portfolio and increase the IoT offerings to the new and current customers through innovative solutions.
Bhaskar Gorti, President of Nokia Software, mentions, “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.”
Without revealing any details on the deal, he adds that the consolidation in IoT world will help the company to move up the value chain. The strategic acquisition has given the organization a unique opportunity to create powerful new tools to enhance asset management, maximize asset efficiencies and deliver new capabilities. “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”, Gorti states.