Global: Top software giants join forces

Germany-based Robert Bosch, Switzerland-based ABB and US-based Cisco Systems have announced new joint venture plans to develop an open-software platform, say reports.

The new operations, to be based in Germany, aim to create a platform for smart home devices and applications that will streamline data exchange between different types of devices, according to reports. The companies signed the joint venture agreement last week.

The venture will allow develop software that facilitates communication between smart home devices made by different manufacturers, including washing machines, lamps, smartphones and tablets. The new business will also focus on home entertainment and energy innovation and technology, reports say.

Bosch, ABB and Cisco plan to launch the business in the beginning of next year, but will need to secure antitrust approval for their partnership first.

Financial terms of the venture were not made public by the parties.

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