LS Electric announced Wednesday it has acquired Nokia’s power facility asset analysis platform.
The power solutions arm of South Korea’s LS Group signed the merger and acquisition agreement at the Hanover Fairground exhibition center in Germany a day prior.
The deal stipulates that LS takes over Nokia’s asset lifecycle optimization (ALO) software, which uses big data analytics and machine learning technology to improve a facility’s efficiency by detecting when to replace parts and predicting needed repairs.
The acquisition is aimed at kick-starting LS Electric’s asset management software (AMS) business that systematically manages power facilities for the entire life cycle.
LS Electric estimates the global AMS market to reach 7 trillion won ($5.6 billion) by 2027.
LS Electric’s CTO Kim Young-keun, said, “With the acquisition of Nokia’s ALO, we can be systematic in our management by linking big data on production, logistics, and maintenance to a standardized platform.”