GE Buys Bit Stew for $153M to Beef Up Its Industrial Internet…

General Electric continues its unrelenting buying spree as it looks to redefine itself as a software company while also making enormous investments in its core businesses.

On Tuesday, GE paid a reported $153 million for Bit Stew, according to Canadian news sources. Bit Stew provides an advanced data integration platform that was first built for the utility industry, but now supports manufacturing, aviation and oil and gas.  

The British Columbia-based Bit Stew has had GE’s attention for more than a year. GE Ventures led Bit Stew’s $17 million Series B round in May 2015. It has raised a total of about $26 million from investors including GE Ventures, Yaletown Partners, Kensington Capital Partners, Cisco Investments and BDC Venture Capital.