Apple Inc.  (AAPL - Get Report) and General Electric Co.  (GE - Get Report) on Wednesday entered into a partnership to develop apps designed to deliver predictive data and analytics from Predix, GE's industrial Internet of Things (IoT) platform, to iPhones and iPads.

Both the tech giant and industrial conglomerate unveiled a new Predix software development kit for iOS, Apple's mobile operating system, giving developers access to tools to make their own industrial IoT apps.

Both Apple and GE shares fell slightly on Wednesday.

"GE is an ideal partner with a rich history of innovation across the industrial world in areas like aviation, manufacturing, healthcare and energy," said Tim Cook, Apple's CEO. "Together, Apple and GE are fundamentally changing how the industrial world works by combining GE's Predix platform with the power and simplicity of iPhone and iPad."

"Our customers increasingly need to arm their workforces through mobility," said John Flannery, Chairman and CEO of GE. Working together, GE and Apple are giving industrial companies access to powerful apps that help them tap into the predictive data and analytics of Predix right on their iPhone or iPad."

The Predix software announced on Wednesday will be available to download on Oct. 26.

Is GE's dividend at risk? Jim Cramer breaks it down. 

This story has been updated from 9:49 a.m. ET.

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