GE said it will sell a majority stake in ServiceMax, a software firm acquired in 2016, to Silver Lake.
The moves come as parent company GE is struggling with debt and growth at its various units including GE Power.
In a statement, GE said its industrial IoT company will have about $1.2 billion in revenue and a global base of companies. The company will have its own brand, identity, equity structure, but be owned by GE.
As for the portfolio, the new company will products including Predix, Asset Performance Management, Automation, Manufacturing Execution Systems, Operation Performance Management and GE Power Digital and grid software.