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Nokia acquires software supplier SpaceTime Insight

May 07, 2018
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Nokia has acquired software supplier SpaceTime Insight, which industrial customers use to manage millions of devices and assets across their networks. The move marks the equipment vendor’s push to expand beyond telecom.

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. Its clients include FedEx, Union Pacific, Entergy, NextEra Energy and Singapore Power. SpaceTime Insight 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.

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.

According to Nokia, traditionally, most networking companies built software to sell more networking equipment. However, this is an expansion into the B2B side of the industry, which focuses on sales beyond its core telecom markets to internet and industrial customers. Approximately, 20 per cent of its sales are tied to Nokia telecom equipment while the remaining 80 per cent sold on a standalone basis, both to network operators or to non-telecom customers.

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