Nokia announced the acquisition of SpaceTime Insight to strengthen its Internet of Things (IoT) business by adding IoT analytics capabilities.
Finland-based Nokia did not reveal the financial details of the acquisition.
Based in San Mateo, California, with offices in the U.S., Canada, U.K., India and Japan, SpaceTime Insight provides machine learning-powered analytics and IoT applications for transportation, energy and utilities organizations, including Entergy, FedEx, NextEra Energy, Singapore Power and Union Pacific Railroad.
SpaceTime Insight claims that its machine learning models and other analytics, designed for asset-intensive industries, predict asset health with a high degree of accuracy and optimize related operations. SpaceTime Insight assists customers to reduce cost and risk, increase operational efficiencies, reduce service outages and more.
The acquisition is part of Nokia’s software strategy for bringing IoT application development, machine learning and data science to the Nokia Software IoT product unit. It will strengthen Nokia’s IoT software and IoT analytics capabilities, and accelerate the development of Nokia’s IoT offerings to deliver IoT applications and services to new and existing customers.
“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.
SpaceTime Insight and its CEO Rob Schilling will join the IoT product unit within the Nokia Software business group.