Nokia is on a path to expand its Internet of Things (IoT) lineup with the latest acquisition of SpaceTime Insight.
While the financial details of the acquisition are unknown, according to details that can be gathered online, we suspect that Nokia had to shell out quite an amount for SpaceTime, considering that some of its previous customers included FedEx, Union Pacific Railroad, Pacific Gas & Electric, Singapore Power Center of Excellence, Florida Power and Light, Arizona Public Service (APS) and others.
According to details on SpaceTime’s website, the company offers machine-learning based data visualization and analytics as well as IoT applications focused on energy, utility, logistics, and transportation companies.
According to Nokia, this acquisition will help the company to expand its IoT software portfolio and accelerate vertical application development. Nokia is keen to expand its IoT portfolio and the acquisition of SpaceTime Insight will allow it to “deliver new, advanced applications for key vertical markets, including energy, logistics, transportation, and utilities”.
According to Nokia’s press release, SpaceTime Insight’s CEO, Rob Schilling, will join the Nokia Internet of Things (IoT) product unit group.
“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. 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,” said Bhaskar Gorti, president of Nokia Software.
“Today marks a transformational moment for SpaceTime, and 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. 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,” said Rob Schilling, CEO of SpaceTime Insight.