08 May Nokia acquires IoT startup SpaceTime Insight
Nokia has acquired California startup SpaceTime Insight, an Internet of Things company that provides machine-learning powered analytics tech and IoT applications to large energy and transportation corporates like FedEx, Singapore Power and Union Pacific Railroad.
The acquisition will bolster Nokia’s attempts to grow out its IoT software portfolio, whilst also strengthening its international footprint. SpaceTime Insight has several international offices in North America, Europe and Asia. The acquisition also supports Nokia’s software strategy by bringing the company’s sales expertise and proven track record in IoT application development, machine learning to Nokia.
The advanced analytics products supplied by SpaceTime Insight are targeted at asset and resource intensive industries and help energy, logistics, transportation and utility businesses cut costs, risk and increase operational efficiences.
“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,” Bhaskar Gorti, President of Nokia Software, said in a statement. “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.”
SpaceTime Insight’s CEO Rob Schilling will become head of Nokia’s Internet of Things Unit.
Since bombing out of the mobile phones business and exiting a doomed acquisition by Microsoft, Nokia is now focused on supplying tech to governments and large corporates.