SEOUL — LS Electric, a power solution provider affiliated with South Korea’s LS Group, took over Nokia’s power facility asset analysis platform. The acquisition is aimed at developing customized solutions to extend the life of power facilities, improve investment efficiency, and reduce maintenance costs.
LS Electric has signed a deal to acquire Nokia’s asset lifecycle optimization (ALO) software based on big data analytics and machine learning technology at the Hanover Fairground exhibition center in Germany. By leveraging the solution’s risk analysis capabilities, customers can improve operational efficiency by maximizing asset lifespan and improving the visibility of their probability of failure.
With Nokia’s solution, LS Electric said it would start an asset management software (AMS) business that systematically manages power facilities for the entire life cycle. AMS provides businesses with a streamlined process for tracking assets with efficient data management and delivers complete visibility into asset costs, usage, and return on investment for improved business performance insight.
Financial terms were not disclosed. “With the acquisition of ALO, we can systematically manage vast amounts of big data on production, operation, and failure by linking it with standardized platforms,” LS Electric’s chief technology officer Kim Young-keun said in a statement on June 8.
Nokia’s asset lifecycle optimization application is based on big data analytics and machine learning technology. In 2020, LS Electric and Nokia agreed to collaborate on creating an intelligent and analytics-based platform that allows customers to proactively manage mission-critical asset performance by identifying root causes and adapting to changing conditions.
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