Cubic Telecom Ltd., founded in Dublin, raises approximately €473 million in funding. SoftBank acquired a 51.0% stock position in the business, valued at more than €900 million.
The investment is anticipated to find in the first half of 2024, subject to regulatory clearances in various jurisdictions and other standard closing circumstances. By utilising the strength of international connection platforms, SoftBank and Cubic Telecom will forge a strategic worldwide relationship with this investment, helping to pioneer the future of software-defined connected cars and other high-value Internet-of-things (IoT) assets.
With the help of its Platform for Application & Connectivity Enablement (PACE), OEMs can monitor, manage, and update numerous aspects of a car or device in real-time, anywhere in the world, using mobile connectivity. This enables cars to be customised to meet local regulations and meet national or regional requirements.
Over the course of their lifetime, gadgets and vehicles can receive new features and capabilities over-the-air (OTA), ensuring the greatest possible user experience by enhancing performance, safety, comfort, and value.
With agreements with over 90 mobile network operators (MNOs), Cubic Telecom has expanded quickly since launching its connectivity platform in 2016. Currently, the company connects over 17 million vehicles in over 190 countries and regions, adding 450,000 new vehicles per month, and this number is predicted to rise exponentially over the next five years.
About Cubic Telecom
Cubic Telecom delivers advanced software-defined connected vehicle solutions in over 190 countries and regions around the world. Working with the world’s leading automotive, transportation and agriculture OEMs, they connect 17 million cars and vehicles globally and enable 1 billion mobile internet data transmissions daily.
To compete globally, OEMs must manage the complexities of connecting with different technologies while complying with regulatory mandates in different countries.