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GE Creates New Independently Managed IoT Business
GE is creating a new industrial IoT business that will fuse its GE Digital business including its Predix platform and GE Power’s digital and grid software units. While GE Digital was created with the aim of transforming the parent company into a “digital industrial company” while making GE a top-ten software company by 2020, the new industrial IoT software company will have clearer revenue-targeted ambitions. The new entity has $1.2 billion in annual software revenue. The new GE Digital business will be rebranded and will receive its own equity structure and board of directors. In November 2017, the company’s prior CEO John Flannery announced the intent to cut GE Digital expenses by more than 25 percent of $400 million, according to The New York Times. Acknowledging the importance of digital initiatives, Flannery expressed his preference for a “much more focused strategy” for the GE Digital unit.
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