GE is allegedly preparing to launch an industrial Internet of Things company that will comprise the GE software portfolio consisting of its Predix platform. In a separate story, GE is in news to sell a majority stake in software firm ServiceMax which it acquired in 2016. The company is reportedly planning to sell the stakes to Silver Lake.

The move is in line with GE’s ongoing struggle with debt and growth being faced by its units including GE Power. GE in a statement said that its new industrial IoT Company will have revenue of nearly $1.2 billion and will be target companies globally. The new company thus formed will have its own brand, equity structure, and identity; however, it will be owned by GE.

The portfolio of the new company will include GE Power Digital, Operation Performance Management, Manufacturing Execution Systems, Asset Performance Management Automation and more. The company, however, face a major challenge of landing developers and growing wallet share with the current users. According to the Eclipse Foundation developer survey, IoT developers are attracted to AWS and Microsoft Azure as their chosen platforms.

Whereas at the IoT software level, firms such as C3 boost huge production deployments in the area. Uptake is also reportedly created its own products and setting competition with GE’s software. The move is significant as GE is promoting greatly popularized industrial IoT market irrespective of other tech firms gaining benefit from the same.

GE is said to have lost main technology executives just like Ganesh Bell was recently appointed as the President of Uptake in February. Bell was the first chief digital officer at GE. Bill Ruh, the Digital CEO of GE, will leave the firm to tap on other opportunities. The development clearly hints at the need for GE to appoint a new CEO for its industrial IoT company. The company said that it will carry out an external and internal search for a CEO of the firm.

Is GE late for its Industrial IoT?

Industrial experts are wondering whether GE is too late for its industrial IoT business.

The CEO of GE Lawrence Culp reportedly said that the industrial IoT business will help the digital business of GE to better focus on its core markets. Culp also believes that the new firm is a budding market.

Although the company’s initiative would be a game changer, GE will have to enter new partnerships as soon as possible to ensure its working and presence in the market. C3 has collaborated with a number of prominent cloud providers with the same purpose. In short, the partnership is a must to stay competitive in the market. C3 has partnered with AWS, Google Cloud Platform, and Microsoft Azure. GE will have to look for partnership in the same line. Although the industrial IoT business is relatively new in the GE platform, the company is already lagging behind many major tech firms.