GE has announced that it will be establishing an independent entity at the cost of about $1.2 billion to focus on Industrial IoT (IIoT). The company has in the past expressed great interest in building a better IIoT software portfolio to serve their industrial customers in a much more effective way. Now, it is acting upon it.
The new company will be wholly owned by GE and will build on its existing global industrial customer base. But the IIoT platform is going to have a new brand and identity with its own board of directors. On its blog, GE said that the new entity will bring together GE’s Predix Platform, Historian Automation, Operations Performance Management, Asset Performance Management, Manufacturing Execution Systems, and the GE Power Digital and Grid Software Solutions businesses.
IIoT is bound for significant growth in coming times and GE’s new entity will further help it capture a bigger share of the market. Commenting on the new development, GE’s chairman and CEO H. Lawrence Culp Jr said: “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.”