Nokia has acquired US-based software supplier SpaceTime Insight in its latest push to expand its Internet of Things (IoT) portfolio and IoT analytics capabilities beyond the telecoms sector.
The company did not reveal the financial terms of the deal.
Based in San Mateo, California, SpaceTime Insight provides machine learning-powered analytics and IoT applications for asset-intensive industries like transportation, energy and utilities. Its clients include Entergy, FedEx, NextEra Energy, Singapore Power and Union Pacific Railroad.
Nokia said SpaceTime Insight’s machine learning models and other advanced analytics predict asset health with a high degree of accuracy and optimize related operations, helping customers reduce cost and risk, increase operational efficiencies, reduce service outages and more.
SpaceTime Insight and its CEO Rob Schilling will join the IoT product unit within the Nokia Software business group. The company has offices in US, Canada, UK, India and Japan.
The acquisition will strengthen Nokia's IoT software portfolio and IoT analytics capabilities as well as speed up the development of Nokia’s IoT offerings to deliver IoT solutions and services to new and existing customers.
It will also broaden the company's ability to deliver new, advanced applications for key vertical markets, including energy, logistics, transportation and utilities, Nokia added.
Commenting on the acquisition, Bhaskar Gorti, president of Nokia Software, said “the addition of 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.”