GE Digital has purchased software firm Meridium for $495 million. Meridium, which is based in Roanoke, Virginia, develops asset-tracking software that uses real-time analytics.

GE plans to integrate Meridium’s software into its Predix Internet of Things (IoT) platform-as-a-service (PaaS) product to strengthen its asset-tracking offering.

GE’s $495 million deal for Meridium includes the company’s 26 percent stake it made in Meridium in 2014.

Meridium’s software helps industrial customers, which include a lot of oil and gas refineries, to predict when machinery might fail and track the efficiency of their operations, such as determining ways to save of fuel costs.

Meridium has about 430 employees and has offices in Bangalore, Dubai, Perth, and Singapore.

GE first created its Predix platform for its own IoT applications, then last February debuted Predix at the Mobile World Congress conference in Barcelona, Spain, as a separate platform and business unit.

GE Digital is part of the Open Connectivity Foundation (OCF) and is working to unify IoT standards so that companies and developers can create IoT architectures and devices that work seamlessly together. Ultimately, the OCF wants to create specs, protocols, and open source projects for IoT.

Predix has attracted about 11,000 developers so far and has about 50 apps. GE expects the Predix IoT platform to generate around $15 billion in revenue by 2020.