The companies also announced their plans to enter into a broad research and development and commercial agreement aimed at accelerating GE’s ability to create new analytic services and solutions for its customers. Both the investment and business agreement, which are subject to standard regulatory approval and other closing conditions, are expected to close in the second quarter of 2013.
Through the transaction, GE will acquire a 10% equity stake in the company.
Led by Paul Maritz, CEO, Pivotal aims to provide a complete Enterprise Platform-as-a-Service that will allow employees of enterprises to create consumer-grade applications and store, manage and deliver value from fast, massive data sets. Also backed by EMC and VMware, the company has 1,250 employees and includes a technical team of 700+ engineers.
The partnership with Pivotal will be meaningful for GE’s Global Software Center headquartered in San Ramon, CA, which is working to develop a software platform that GE will deliver as a service to industrial customers in aviation, transportation, healthcare, energy and manufacturing.
Read here the company’s press release about the features of the platform.