General Electric’s big bet on GE Digital has fallen short and it is now is seeking a buyer for key parts of its business.
The 126-year-old conglomerate has hired an investment bank to run an auction for its digital operations, according to the Wall Street Journal. It is not known exactly what GE has put up for sale or for how much.
GE’s digital drive was the “signature initiative” of former chief executive Jeff Immelt who left the firm last summer. He created the GE Digital unit in 2015 in an attempt to become a “top ten software company” by 2020.
That same year he launched the GE Predix Cloud, described at the time as “first and only cloud solution for industrial data and analytics”. The Boston-based…