Nokia buys SpaceTime Insight to give its IoT unit a nudge

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This Monday, Nokia acquired SpaceTime Insight and plans on merging it with its IoT unit. This company makes software for industrial customers which need to manage countless devices and other assets in their network.

Financial details of the acquisition were not disclosed, Reuters says.

SpaceTime builds monitoring and analytics applications to businesses in energy, logistics, transportation and utilities industries. This allows them to cut costs and operate more efficiently.

Some of the biggest clients SpaceTime has include FedEx, Union Pacific, NextEra Energy and Singapore Power.

Both SpaceTime Insight and its CEO Rob Schilling will join Nokia’s IoT product unit.

“Traditionally, most networking companies built software to sell more networking equipment,” Nokia Software President Bhaskar Gorti said in a phone interview. “This is an expansion into the B2B side of the industry,” he said of sales beyond its core telecom markets to internet and industrial customers.

Gorti says roughly 20 per cent of sales come from Nokia telecom equipment, with the rest coming from standalone projects.

Nokia Software, previously known as Nokia Applications & Analytics, earned more than 1.6bn euros in revenue last year. That year it bought Comptel for $370 million. It is currently ranked number two among telecom software suppliers, Reuters says, adding that it has a 10 per cent share in a highly fragmented market.

Image Credit: Kārlis Dambrāns