Nokia has acquired SpaceTime Insight to expand its Internet of Things (IoT) portfolio and IoT analytics capabilities, and accelerate the development of new IoT applications for key vertical markets.
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 some of the world's largest transportation, energy and utilities organizations, including Entergy, FedEx, NextEra Energy, Singapore Power and Union Pacific Railroad. Its machine learning models and other analytics, designed specifically for asset-intensive industries, predict asset health with a high degree of accuracy and optimize related operations.
The acquisition supports Nokia's software strategy by bringing SpaceTime Insight's sales expertise and track record in IoT application development, machine learning and data science to the Nokia Software IoT product unit. It will strengthen Nokia's IoT software portfolio and IoT analytics capabilities, and accelerate the development of Nokia's IoT offerings.
The addition of SpaceTime Insight will also broaden the company's ability to deliver new applications for key vertical markets, including energy, logistics, transportation and utilities.
SpaceTime Insight and its CEO Rob Schilling will join the IoT product unit within the Nokia Software business group.
Nokia has made several small to medium-sized acquisitions as part of a strategy to build up a standalone software business to deliver higher profit margins than its classic communications hardware products.