Finland-based Nokia adds SpaceTime Insight to the list of companies under its belt.
Earlier this week, Nokia announced that it has just acquired SpaceTime Insight to expand its Internet of Things (IoT) portfolio.
The California-based startup has offices in the US, India, Japan, the UK and Canada. It provides machine learning-powered software to big companies worldwide. This includes transportation companies and utility organisations such as NextEra Energy, Singapore Power and Union Pacific Railroad.
SpaceTime Insight’s analytics predict machine status and condition with a high degree of accuracy. This helps customers prevent risks and breakdowns, increase efficiencies and cut costs.
Other details of the deal were not disclosed, including how much it cost Nokia to purchase the company. They did say that the acquisition will accelerate the development of the company’s IoT offerings for their customers.
Bhaskar Gorti, President of Nokia Software, shared their plans with the acquisition in place.
“Adding SpaceTime to Nokia Software is a strong step forward in our strategy,” he explained. “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,” he added.
SpaceTime CEO Rob Schilling will join Nokia to become the head of its IoT unit.