Nokia announced this morning that the company acquired SpaceTime Insight, a software company that provides machine learning-powered analytics and IoT applications for big transportation, energy and utilities companies like Entergy, FedEx, NextEra Energy, Singapore Power or Union Pacific Railroad. This acquisition further strengthens Nokia’s software business by offering more solutions to energy, transportation or utilities markets. The cost of acquisition hasn’t been made public yet. The full press release follows down below.
7 May 2018
Espoo, Finland – 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 advanced analytics, designed specifically for asset-intensive industries, predict asset health with a high degree of accuracy and optimize related operations. As a result, SpaceTime Insight’s applications help customers reduce cost and risk, increase operational efficiencies, reduce service outages and more.
The acquisition supports Nokia’s software strategy by bringing SpaceTime Insight’s sales expertise and proven 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 to deliver high-value IoT applications and services to new and existing customers.
The addition of SpaceTime Insight will also broaden the company’s ability to deliver new, advanced applications for key vertical markets, including energy, logistics, transportation and utilities.
Paul Lau, Chief Grid Strategy and Operations Officer at Sacramento Municipal Utility District, said: “We’ve partnered with SpaceTime to help us be more responsive, more efficient and ultimately able to deliver more value to our customers. Combining their innovative solutions with Nokia’s world-class portfolio will provide customers with powerful new tools to better manage assets, maximize efficiencies and deliver new capabilities.”
Bhaskar Gorti, president of Nokia Software, said: “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. Together, we can empower customers to realize the full value of their people, processes and assets, and enable them to deliver rich, world-class digital experiences.”
SpaceTime Insight and its CEO Rob Schilling will join the IoT product unit within the Nokia Software business group.
Rob Schilling, CEO of SpaceTime Insight, said: “Today marks a transformational moment for SpaceTime, and I’m delighted to join forces with one of the world’s top organizations-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.”