Nokia Expands IoT Portfolio with SpaceTime Deal
Nokia, the Finnish mobile phone pioneer, is expanding its Internet of Things portfolio through the acquisition of SpaceTime Insight, a specialist in machine learning analytics and industrial IoT applications.
Nokia (NYSE: NOK) said Monday (May 7) the deal for SpaceTime Insights would help accelerate its entry into new vertical markets such as energy, logistics, transportation and utilities. Along with manufacturing, these industrial applications are among the earliest deployment of IoT technologies that are generating huge new data sets via embedded sensors.
SpaceTime Insight, San Mateo, Calif., was founded in 2008 and counts large energy and transportation companies along with utilities among the customers for its industrial IoT and machine learning analytics software. SpaceTime’s platform is used by companies like FedEx (NYSE: FDX)
and Union Pacific Railroad (NYSE: UNP) for applications like predicting the status of machinery and other company assets. The aim is to boost operational efficiency and reduce service outages.
Nokia said SpaceTime Insight and CEO Rob Schilling would join the IoT product unit within its software business group.
The mobile phone and networking pioneer is attempting to remake itself with industrial IoT applications that leverage analytics along with edge computing platforms that move those cloud-based resources closer to IoT data.
Nokia joins a growing list of competitors that includes early entrants such as C3 IoT. Many are attempting to stack new data services on top of products, according to an industry study released last August by business consultant PwC. Data collection gathered by embedded sensors along with analytics tools are among the leading services.
“Adding SpaceTime to Nokia Software is a strong step forward in our strategy, and [it] will help us deliver a new class of intelligent solutions to meet the demands of an increasingly interconnected world,” said Bhaskar Gorti, president of Nokia Software.