The ebbits project aims to develop architecture, technologies and processes, which allow businesses to semantically integrate the Internet of Things into mainstream enterprise systems and support interoperable real-world, on-line end-to-end business applications. It will provide semantic resolution to the IoT and hence present a bridge between enterprise applications, people, services and the physical world, using information generated by tags, sensors, and other devices and performing actions on the real-world. The ebbits platform will support interoperable business applications with context-aware processing of data separated in time and space, information and real-world events (addressing tags, sensor and actuators as services), people and workflows (operator and maintenance crews), optimisation using business rules (energy and cost performance criteria), end-to-end business processes (traceability, life-cycle management), or comprehensive consumer demands (product authentication, trustworthy information, and knowledge sharing). The Intrepid platform will feature a Service oriented Architecture based on open protocols and middleware, transforming every subsystem or device into a web service with semantic resolution. The ebbits platform thus enables the convergence of the Future Internet into the "Internet of People, Things and Services (IoPTS)" for business purposes. The ebbits platform will be demonstrated in end-to-end business applications that feature on-line monitoring of a product in its entire lifecycle. The project will develop and demonstrate two ebbits IoPTS applications. The first application demonstrates real-time optimisation metrics and energy savings in manufacturing processes. The other demonstrates on-line traceability with enhanced information on food.The ebbits partners have made substantial contributions to the work of the CERP-IoT. The ebbits project will provide the solutions to a large part of the Strategic Research Roadmap.