GE: launches new company for industrial IoT software

(CercleFinance.com) - GE plans to launch a new company focusing on industrial Internet of things (IIoT) software, the US conglomerate said on Thursday.


The GE-owned company - which will run independently with a new brand and identity, and its own board of directors - will start with 1.2 billion dollars in annual revenue, the group said.

The new organization will bring together GE Digital's IIoT solutions, along with manufacturing execution systems, operations performance management and GE's power and grid software, it said.

To sharpen focus on its IIoT portfolio, GE has sold its majority stake in field service management software maker ServiceMax to private equity firm Silver Lake, with the transaction expected to close in the first quarter of 2019.



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