GE plans to build 1.2 bln USD Industrial IoT software company

In this Jan. 16, 2018, photo, the General Electric logo is displayed at the top of their Global Operations Center in the Banks development of downtown Cincinnati. [Photo:AP]

U.S. top-tier manufacturing company General Electric (GE) said on Thursday that it planned to establish a new, independent company aiming at building Industrial Internet of Things (IIoT).

"The company will start with 1.2 billion U.S. dollars in annual software revenue and an existing global industrial customer base," said GE.

The Boston-based giant said that the proposed new company would bring together IIoT solutions of its subsidiary GE Digital.

GE also said that Bill Ruh, the chief executive officer (CEO) of GE Digital, decided to depart GE, leaving GE to conduct an internal and external search to find the CEO for its new independent company.

GE said it would release further details on the new IIoT software company in the first quarter of 2019.