Nokia acquires U.S. software supplier SpaceTime Insight
Nokia acquires U.S. software supplier SpaceTime Insight. Nokia said on Monday it has acquired software maker SpaceTime Insight, which industrial customers use to manage millions of devices and assets across their networks, marking the equipment supplier’s latest push to expand beyond telecoms.
SpaceTime supplies monitoring and analytics applications to customers in the energy, logistics, transportation and utilities sectors to run operations more cost effectively by reducing service outages and the need to send out repair trucks. Read more here.
SpaceTime Insight and Rob Schilling, its chief executive, will join the Internet of Things (IoT) product unit within the Nokia Software business group. The company has raised around $50 million in private funding, according to Crunchbase data.
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.