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GE buys inventory software company for $915 million

Reuters
The logo of Dow Jones Industrial Average stock market index listed company General Electric is shown at their subsidiary company GE Aviation in Santa Ana, California April 13, 2016. REUTERS/Mike Blake/File Photo

(Reuters) - General Electric Co said its software unit bought ServiceMax, a cloud-based provider of software used in inventory and workforce management, for $915 million (731.51 million pounds).

GE said the deal was part of GE Digital's strategy to advance its "Industrial Internet" vision.

GE wants to connect machines using the internet, producing data that can improve productivity, reduce emissions and lower fuel costs.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D'Silva)