Nokia today mentioned that it has acquired software maker SpaceTime Insight, however, the terms of the deal were not disclosed.
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.
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.
“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.