Nokia has recently acquired the US based firm SpaceTime Insight, and hope that the latest acquisition will boost its own IoT software and their product division. Nokia believe this will create better applications for key verticals, such as energy, logistics, transportation and utilities. SpaceTime Insight specialise in machine learning and IoT analytics. The company already has customers including FedEx, Union Pacific Railroad and NextEra Energy among many more. The main reason for Nokia’s original interest in the US Company was the way its tech is designed for asset-intensive industries that allow its customer to make more accurate predictions, and also optimise the associated operations. Nokia believe this will help reduce customer costs and risks, and with reducing the service outages while increasing efficiency.
SpaceTime Insight will now be a part of Nokia Software business group’s IoT product unit, along with SpaceTime Insight’s CEO Rob Schilling. The CEO said “Today marks a transformational moment for SpaceTime, and I’m delighted to join forces with one of the world’s top organisations-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.”
Nokia has undergone a major refocus in recent times, as they have sold its devices and services business to Microsoft, a consortium of German carmakers bought their HERE mapping division and earlier this month Nokia sold its Withings wearable business. And with Nokia’s recent acquisition of SpaceTime, their refocusing seems to be continuing strong.