Nokia has expanded its Internet of Things portfolio and analytics capabilities, with the acquisition of San Mateo based IoT applications provider SpaceTime Insight.

The acquisition - which has offices in the US, Canada, UK, India, and Japan - delivers a range of machine learning-powered analytics and IoT applications for some key international transportation, energy and utilities organizations, including Entergy, FedEx, NextEra Energy, Singapore Power and Union Pacific Railroad.

Nokia, which plans to use the purchase to accelerate the development of new IoT applications for key vertical markets, said SpaceTime Insight’s machine learning models and advanced analytics - designed specifically for asset-intensive industries - could predict asset health with a high degree of accuracy and optimize related operations.

“As a result, SpaceTime Insight’s applications help customers reduce cost and risk, increase operational efficiencies, reduce service outages and more,” Nokia said, noting that SpaceTime Insight and its CEO Rob Schilling will be joining the IoT product unit within the Nokia Software business group.

“Adding SpaceTime to Nokia Software is a strong step forward in our strategy, and will help us deliver a new class of intelligent solutions to meet the demands of an increasingly interconnected world,” added Nokia Software president Bhaskar Gorti.