GE announced plans to form a new independent software company on Thursday.
According to GE, the company will build an Industrial Internet of Things (IIOT) portfolio that includes power, renewables, aviation, oil and gas, food and beverage, chemicals, consumer packaged goods, and mining industry.
“As an early leader in IIoT, GE has built a strong business with its industrial customers thanks to deep domain knowledge and software expertise,” said GE Chairman and CEO H. Lawrence Culp, Jr. “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.”
The company will be separate from GE and will be independently run.
The transaction is expected to close in the first quarter of 2019.