Nokia is expanding its Internet of Things (IoT) portfolio with the acquisition of SpaceTime, a smart energy IoT startup that provides analytics and IoT applications to transportation, energy and utility companies. Some of SpaceTime’s customers include FedEx, Singapore Power, and Union Pacific Railroad.
Nokia declined to reveal how much it paid for SpaceTime, noting that the company is privately held. The San Mateo, California-based firm has offices in the U.S., Canada, U.K., India, and Japan. SpaceTime CEO Rob Schilling, formerly a general manager at SAP, will join Nokia’s IoT product unit within the company’s software business group.
SpaceTime differentiates itself from competitors with its machine learning-powered analytics and models. The company said its software can accurately predict the health of assets in a network and reduce outage resulting in cost savings and operational efficiencies.
SpaceTime’s IoT platform and analytics engine is intended for asset-intensive industries like utilities and energy companies. The company’s software is currently being used by Sacramento Municipal Utility District to help it manage its assets and be more responsive to its utility customers.
Focusing on B2B
The acquisition of SpaceTime fits with Nokia’s plans to focus on business-to-business offerings and licensing. Earlier this month the company offloaded its digital health unit to Eric Carreel, co-founder and former chairman of Withings, the company Nokia purchased two years ago to form its digital health business.
At the end of the first quarter Nokia reported $6 billion in net sales, which was an 8 percent year-over-year drop and just short of analyst forecasts. The sales dip was spread across most of Nokia’s operating divisions, with the most impactful hit coming from its networks division that accounts for the vast majority of its business.