Nokia expand its IoT business, acquires start-up SpaceTime Insight
Category: #world  By Ojaswita Kutepatil  Date: 2018-05-08
  • share
  • Twitter
  • Facebook
  • LinkedIn

Nokia expand its IoT business, acquires start-up SpaceTime Insight

Telecom giant Nokia has recently announced that it will be acquiring SpaceTime Insight, a California-based start-up that will help the company expand its Internet of Things portfolio and analytics capabilities.

According to sources, SpaceTime is coming to Nokia with a well-established set of customers and the deal is expected to expand Nokia’s reach into key vertical markets.

For the record, SpaceTime provides predictive analytics based on machine learning algorithms and IoT applications for a number of energy, transportation, and utilities organizations across the globe, including the likes of NextEra Energy, Entergy, Union Pacific Railroad FedEx, and Singapore Power. Apart from the U.S., the company also has offices operating in Canada, India, Japan, and UK.

If industry experts are to be believed, the acquisition will support Nokia’s software strategy prominently on the cusp of SpaceTime Insight’s expertise in sales and proven track record in machine learning, IoT application development, and data science. The move is also expected to reinforce Nokia’s IOT software portfolio, while accelerating the developments of its IoT offerings that will serve its existing and new customers.

Reports reveal that Nokia reported more than €23 billion in annual revenue for 2017, of which the software division bagged only about €1.6 billion of business. That means IoT has been fairly small part of Nokia’s business and its annual revenue will sit somewhere within the range.

The company is actively looking for ways to diversify its communication equipment business, cite sources familiar with the matter. In the same context, Bhaskar Gorti, president of Nokia Software, was quoted saying that the Nokia is keen to catch the next big wave and invest in the expansion of its IoT business.

Industry experts speculate that by acquiring SpaceTime, Nokia is not only expected to tap into exploiting more AI-powered technologies, but will also bring huge customer base to its business.



About Author

Ojaswita Kutepatil

Email: [email protected]   

Ojaswita Kutepatil

Ojaswita Kutepatil, a mechanical engineer by qualification, presently develops content for Market Size Forecasters, Algosonline, and other similar platforms. Having had a prior experience in Business Development and Technical Engineering, she now pens down articles pe...

Read More

More News By Ojaswita Kutepatil

Pepperfry to pump $12M in expansion & boost supply chain operations
Pepperfry to pump $12M in expansion & boost supply chain operations
By Ojaswita Kutepatil

The Mumbai-based online retailer also looks to step into areas like augmented/virtual reality to advance shopping experience.

Pepperfry, the online furniture & ...

Dream Incubator leads health-tech firm NIRAMAI’s Series A funding
Dream Incubator leads health-tech firm NIRAMAI’s Series A funding
By Ojaswita Kutepatil

NIRAMAI Health Analytix Pvt. Ltd., the Bengaluru-based breast cancer screening start-up, has reportedly raised around $6 million in Series A investment round that was led by Dream Incubator, a management consulting fir...

Levi Strauss plans share market comeback after more than 3 decades
Levi Strauss plans share market comeback after more than 3 decades
By Ojaswita Kutepatil

In a recent turn of events, renowned Jeans manufacturer Levi Strauss & Co has reportedly filed documents for getting listed on the New York Stock Exchange, on the lookout for returning to public markets after over ...