Energy management: Space-Time Insight Inc., a provider of situational intelligence solutions, has announced the acquisition of Industrial Internet of Things (IIoT) company GOFACTORY. With the acquisition of GOFACTORY, Space-Time Insight strengthens its leadership in real-time visual analytics with the addition of proven IIoT technologies and deep industry expertise. The acquisition will enable Space-Time Insight customers and partners to take advantage of the innovative, highly-scalable GOFACTORY cloud service to capture and analyze an unprecedented level of data from connected assets, systems and people in real time. GOFACTORY was named to Gartner's 2015 Cool Vendors List for Mobile and IoT Security.
In the last year, Space-Time Insight has grown revenues by 70 percent and now works with more than 30 organizations from asset-intensive industries, including FedEx, Florida Power & Light, NEC and Thames Water, to help decision-makers quickly and easily digest and understand huge quantities of complex and siloed data. The acquisition of GOFACTORY builds on Space-Time Insight's momentum and capitalizes on the growing demand for enterprise-scale advanced analytics and visualization solutions that enable organizations to unlock the value in data generated by assets and people connected to the Internet of Things.
"To realize the opportunities inherent in the Internet of Things, all organizations must rethink traditional approaches to analytics in order to gain the context and insights needed to make quick and confident decisions," said Rob Schilling, CEO, Space-Time Insight. "To help our customers and partners capitalize on these opportunities, we have been focused on building IIoT-ready advanced analytics and visualization solutions for eight years. The acquisition of GOFACTORY continues our commitment to helping organizations capture, analyze and use data to understand the what, where, when, why and how of every situation."
GOFACTORY's proven technology collects and streams data from sensors, edge devices and people to a service in the cloud. The data is then cleaned, analyzed and correlated with enterprise, operational and external data using Space-Time Insight's software. The integrated solution empowers business users to respond to critical issues by automatically notifying the right people with the information needed to quickly resolve any situation.
"Marrying GOFACTORY's secure, highly-scalable cloud service and mobile applications with Space-Time Insight's powerful real-time visual analytics software enables organizations to leverage industrial data to boost operational efficiency and productivity," said Bryan Hughes, GOFACTORY founder and CTO.
The Space-Time Insight and GOFACTORY solution has already been implemented with some of the largest construction companies in North America. In one case, the integrated solution provides valuable insights into the location, performance, status and utilization of thousands of vehicles. The solution enabled the company to gain new operational insights that delivered reduced costs, increased asset utilization and improved workplace safety. The combined solution is available immediately.
Fairmount Partners served as financial advisor and assisted Space-Time Insight in structuring and negotiating the transaction.
About Space-Time Insight
Space-Time Insight liberates companies in asset-intensive industries from a fragmented view of the big picture, providing the context and clarity they need to make fast, confident decisions. Using spatial, temporal and nodal analysis, our IoT-ready real-time visual analytics applications illuminate the what, where, when, why and how of every asset and situation. Space-Time Insight's award-winning situational intelligence software powers mission-critical systems for some of the largest companies around the world, including eight of the twenty largest US utilities. We partner with leaders in the industry including Accenture, Esri, IBM, NEC, OSIsoft, SAP, Siemens and Unicorn Systems. Space-Time Insight is privately held and based in San Mateo, CA.