4 Jun

GE sets up stand-alone unit for industrial IoT push

first_img MWC16 Videos AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 14 DEC 2018 GEGE Digital Tags Steve works across all of Mobile World Live’s channels and played a lead role in the launch and ongoing success of our apps and devices services. He has been a journalist…More Read more HSBC and GE go digital to fight rivals Steve Costello Home GE sets up stand-alone unit for industrial IoT pushcenter_img Changing the face of industry with connectivity Feature: MWC16 Wednesday highlights Author Previous ArticleNokia tips 5G in LatAm to reach industries firstNext ArticleDT considers Huawei stance as security fears heighten Industrial giant GE unveiled a renewed IoT strategy, including the creation of a new independent company to deliver a comprehensive software portfolio for the sector.The new unit will start with $1.2 billion in annual software revenue and an existing global industrial base. It will be wholly-GE owned but independently run, with its own brand and identity, equity structure and board of directors.Lawrence Culp, chairman and CEO of GE, said: “As an independently operated company, our digital businesses will be best positioned to advance our strategy to focus on our core verticals to deliver greater value for our customers and generate new value for shareholders.”The company will focus on “asset intensive industries”, with a focus on power; renewables; aviation; oil and gas; food and beverages; chemicals; consumer packaged groups; and mining.As part of the refocus, GE’s Digital arm will sell a majority stake in ServiceMax, a provider of cloud-based software productivity tools for field service technicians. It is being acquired by technology investment company Silver Lake, although GE will retain a 10 per cent stake.ServiceMax and GE Digital have also entered a reseller agreement enabling ongoing collaboration to serve joint customers, and plan to continue integrating technology offerings.Existing GE Digital head Bill Ruh has decided to “pursue other opportunities”. A process is underway to find a CEO for the new business. Subscribe to our daily newsletter Back Relatedlast_img

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