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General Electric launches $1.2 billion industrial IoT software company

Staff Writer | December 13, 2018
General Electric announced plans to establish a new, independent company focused on building a comprehensive Industrial Internet of Things (IIoT) software portfolio.
General Electric
America   GE announced an agreement to sell a majority stake in
The company will start with $1.2 billion in annual software revenue and an existing global industrial customer base.

The company is intended to be a GE wholly-owned, independently run business with a new brand and identity, its own equity structure, and its own board of directors.

The proposed new organization aims to bring together GE Digital’s industry-leading IIoT solutions including the Predix platform, Asset Performance Management, Historian, Automation (HMI/SCADA), Manufacturing Execution Systems, Operations Performance Management, and the GE Power Digital and Grid Software Solutions businesses.

Additionally, GE announced an agreement to sell a majority stake in ServiceMax, a provider of field service management software, to Silver Lake, a private equity firm focused on technology investments.