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This Software Firm Got Huge Funding By SoftBank

SoftBank Group Corp said on Wednesday, 31st May 2017 it was taking a significant minority stake in OSIsoft LLC, a privately held maker of industrial software used to manage plants and factories. The world’s largest industrial companies, from General Electric Co to Siemens AG, have been incorporating more software into their manufacturing to cut costs and improve their supply chains.

SoftBank is buying out venture capital investors Kleiner Perkins Caufield & Byers, TCV and Tola Capital, it said in a statement.

The investment is likely to be offered to SoftBank’s new $93 billion Vision Fund, the world’s largest private equity fund, with backers such as Saudi Arabia’s main sovereign wealth fund and Abu Dhabi’s Mubadala Investment, one of the sources said.

Founded in 1980, OSIsoft makes software that captures data from machines, including ships, chemical boilers, and power plants, in industries such as oil and gas, utilities, mining, pulp and paper and water.

OSIsoft is a major software developer for the so-called “industrial Internet of Things,” or a network of devices, vehicles and building sensors that collect and exchange data. That market could reach $120 billion by 2021, said Jake Reynolds, a general partner at investment firm TCV. SoftBank founder and CEO Masayoshi Son has stated the Internet of Things was one his main investment themes and key to the company’s $32 billion acquisition of semiconductor company ARM Holdings last year.

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