Otis Worldwide Corporation (NYSE: OTIS) completed an acquisition of a majority stake in WeMaintain, a technology-enabled service company for the elevator and escalator industry, according to a company announcement.

The transaction closed as part of Otis' strategy to advance service and service technology capabilities. WeMaintain operates as a service provider using IoT and artificial intelligence-based solutions for elevator and escalator maintenance.

"Service is the foundation of our business, and innovation in how service is delivered is increasingly important as customers seek greater reliability and better visibility into performance," said Judy Marks, Chair, CEO and President of Otis Worldwide Corp.

WeMaintain will continue operating as a separate entity and maintain its technology platform for current and future customers. The company was founded in 2017 and operates across Asia and Europe with more than 350 employees.

"Otis' investment allows us to stay focused on what we do best – continuing to build and advance our technology and scale our business as an independent company," said Benoit Dupont, WeMaintain CEO.

WeMaintain provides maintenance services for elevators, escalators, automatic doors, and fire safety systems using what it describes as a combination of AI-driven insights, IoT-powered data, and field expertise.

Otis manufactures, installs, services and modernizes elevators and escalators globally. The company reports moving 2.5 billion people daily and maintaining approximately 2.5 million customer units worldwide. Otis employs 72,000 people, including 45,000 field professionals, and operates in more than 200 countries and territories.

The companies did not disclose financial terms of the transaction.