Nokia is expanding its IoT business by acquiring SpaceTime Insight

After planning to sell off its digital health business, Nokia has now announced the acquisition of SpaceTime Insight, thus expanding its business in the Internet of Things space. SpaceTime Insight is an IoT startup based in California that helps industrial customers to manage millions of devices and assets across their networks. The acquisition is going to boost up Nokia to develop new IoT applications and expand its IoT analytics capabilities as well. The terms of the deal were not disclosed.

According to a statement issued by the company, Nokia hopes to see the advancements in its IoT application roadmap within 18-24 months. Moreover, the deal will help Nokia gain SpaceTime’s customers from energy, logistics, transportation and utilities sectors. Nokia Software president, Bhaskar Gorti, said,  “Adding SpaceTime to Nokia Software is a strong step forward in our strategy, and will help us deliver a new class of intelligent solutions to meet the demands of an increasingly interconnected world. Together, we can empower customers to realize the full value of their people, processes and assets, and enable them to deliver rich, world-class digital experiences.”

Various sources state that SpaceTime had raised $50 million since its inception in 2008, and PitchBook last estimated its valuation at just over $103 million in 2016.  The startup is backed up by E.ON, Novus Energy Partners, Zouk Capital and more. As per the deal, Nokia’s IoT unit will be lead by Rob Schilling, who had been the CEO of SpaceTime Insight.