Nokia will acquire US-based Internet of Things (IoT) startup SpaceTime Insight in a push to build its IoT business, TechCrunch reported.
Nokia Software president Bhaskar Gorti told TechCrunch the terms of the deal have not yet been finalised, but confirmed that SpaceTime CEO Rob Schilling will assume the role of head of IoT at Nokia following the acquisition.
The acquisition could help propel Nokia by growing its IoT business and diversifying it away from a dependence on communications equipment revenue.
“All devices have to connect. IoT is strategic for us, and we are moving in this direction,” said Nokia.
SpaceTime Insight has a number of established customers, including Singapore Power, FedEx, and Entergy.