General Electric announced plans Thursday spin off its GE Digital business and establish an independent internet of things company, built around several GE Digital technologies.
GE also said it is simultaneously selling a majority stake in Service Max to private equity shop Silver Lake. Service Max is a software business GE Digital acquired for $915 million in November 2016.
“As an independently operated company, our digital business will be best positioned to advance our strategy to focus on our core verticals to deliver greater value for our customers and generate new value for shareholders,” GE chairman and CEO Larry Culp said in a statement.
