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GE launches $1.2 billion Industrial IoT software company

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With the Industrial Internet of Things (IIoT) becoming an increasingly profitable proposition, GE is seeking to consolidate its market-leading position with the establishment of a dedicated, stand-alone company which will focus on expanding the company’s Industrial Internet of Things portfolio.
General Electric's new industrial software company will start off with $1.2 billion in annual revenue and an established industrial customer base.
(Image via Wikimedia Commons).

The company will start with $1.2 billion in annual software revenue and an existing industrial customer base. The new entity will bring together all existing GE Digital, GE Power Digital and Predix products under one roof.

The IIoT is an emergent market, but is expected to have significant growth in the years ahead. According to market-research company Gartner, “Innovations such as smart, connected products, the industrial Internet of Things, ‘digital twins’, advanced analytics and artificial intelligence will be key to productivity improvement and new IT demand in this sector through 2022. The proliferation of digital products and subsystems to enable the IoT in downstream industries and generate revenue from smart products over their entire life cycle will be the most promising (and complex) driver for new IT spending growth through 2022”.

In other words, it’s a big opportunity for companies like GE who have been hit hard by falling equipment sales and rapidly changing customer demands, to respond and develop new revenue streams.

GE’s new IIoT business will have as its main focus what it calls ‘asset-intensive’ industries.

It will aim to provide software for asset-intensive industries such as power, renewables, aviation, oil and gas, food and beverage, chemicals, consumer packaged goods and mining industries.

As part of the set-up of the new software company, GE has agreed to sell a majority stake in ServiceMax, a leading provider of field service management software to Silver Lake, a leading private equity firm focused on technology investments.

Commenting on the establishment of the new company GE Chairman and CEO H.Lawrence Culp, Jr said:

“As an early leader in IIoT, GE has built a strong business with its industrial customers thanks to deep domain knowledge and software expertise. As an independently operated company, our digital business 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”.

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GE launches $1.2 billion Industrial IoT software company - Time to read 2 min
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