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TEHRAN, July 31 -General Electric Co (GE.N) has hired an investment bank to organize an auction for its digital assets, the Wall Street Journal reported on Monday citing people familiar with the matter.
TEHRAN, Young Journalists Club (YJC) -General Electric Co (GE.N) has hired an investment bank to organize an auction for its digital assets, the Wall Street Journal reported on Monday citing people familiar with the matter.
GE’s multibillion-dollar digital business, which includes its Predix software system and applications, has been struggling with technical issues and weakening sales.
GE has been seeking partners to invest in GE Digital as it narrowed the target markets for the division and abandoned plans to build a cloud platform, instead partnering with Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O) clouds.
Faced with cash constraints and falling profits at its large power business, GE chose to reduce investment in the digital unit and focus on partnerships.
The Wall Street Journal report did not reveal the exact assets for sale or the potential deal value.GE declined to comment.
Former GE Chief Executive Jeff Immelt invested more than $4 billion in GE Digital and placed it at the strategic center of what he called GE’s new role as a “digital industrial company.”
But technical issues and competition from less costly systems slowed the unit’s growth, forcing GE to shift strategy.
The unit, which became a standalone business in 2015, has not reported profit and loss as other GE units do. It posted revenue of $4 billion last year, a 12 percent increase from 2016, GE said.
Source:Reuters
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