Nokia has bought SpaceTime Insight to expand its internet of things portfolio and IoT analytics capabilities, and accelerate the development of new IoT applications for key vertical markets.
Its machine learning models and other advanced analytics, designed 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 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, according to the company.