Industrial conglomerate General Electric has acquired Canada-based data intelligence technology developer Bit Stew Systems, providing an exit to its corporate venturing unit, GE Ventures.
GE did not disclose the price but Globe and Mail reported yesterday the transaction was sized at $153m. It had made an initial offer of $110m in June 2016 that was rejected by Bit Stew’s board of directors.
Founded in 2009, Bit Stew has developed technology that collects data in complex industrial systems through sensors in connected devices. The approach enables enterprise users to predict areas that will require maintenance.
The technology has applications in industries including oil and gas, aerospace and transportation, and will now be integrated into General Electric’s existing industrial internet of things product suite.
GE Ventures contributed to a series C round of undisclosed size for Bit Stew in May 2016 that included BDC Capital, the investment arm of government agency Business Development Bank of Canada, as well as Yaletown Partners and Kensington Capital Partners.
The CVC unit had previously led Bit Stew’s $17.2m series B round in May 2015, investing alongside BDC Capital, Yaletown and Cisco Investments, the corporate venturing arm of networking equipment manufacturer Cisco.
Cisco also took part in Bit Stew’s $5.4m Yaletown-led series A round in 2013 before Silicon Valley Bank provided $3.5m in debt financing the following year.
– An earlier version of this article appeared on our sister site, Global Government Venturing.