SAN FRANCISCO, April 24, 2013 /PRNewswire/ --
- Pivotal today announced that GE plans to make a strategic investment of approximately $105 million, representing a 10% equity stake in the company.
- The parties also signed a term sheet setting forth a framework for a broad research and development and commercial agreement.
- GE's Software Center of Excellence will use Pivotal's technologies as a standard source for delivering data analytics and cloud architecture.
- Paul Maritz, members of the Pivotal leadership team, and GE's Vice President and Corporate Officer Bill Ruh will further discuss this partnership and unveil the plans for the Pivotal One Enterprise PaaS during a live streaming event today April 24, 2013 at 10:00 am Pacific/ 1:00 pm Eastern. To join visit gopivotal.com.
Pivotal, the company setting the new standard for enterprise PaaS, today announced that GE plans to invest approximately $105 million in Pivotal. The companies also announced their intent 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. The investment and business agreement are each expected to be finalized in the second quarter of 2013 and are subject to standard regulatory approval and other closing conditions.
The investment in Pivotal and new business agreement align with GE's focus on the Industrial Internet. Over the past two decades, technology has connected people globally and created unprecedented opportunities for business and consumers. In the next decade, the Internet will also transform industries like aviation, rail, energy, oil & gas, infrastructure and healthcare, connecting human insight with machine intelligence, advanced analytics and low-cost-sensing to drive new levels of productivity and efficiency for global industries.