November 14, 2016 / 6:30 PM / 3 years ago

GE buys software company ServiceMax for $915 million

The logo of U.S. conglomerate General Electric is pictured at the company's site in Belfort, April 27, 2014. REUTERS/Vincent Kessler/File Photo

(This Nov. 14 story corrects headline to “software company ServiceMax” from “inventory software company”)

(Reuters) - General Electric Co (GE.N) said its software unit bought ServiceMax, a cloud-based provider of software used in inventory and workforce management, for $915 million.

GE said the deal was part of GE Digital’s strategy to advance its “Industrial Internet” vision.

GE wants to connect machines using the internet, producing data that can improve productivity, reduce emissions and lower fuel costs.

Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D'Silva

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