SoftBank Corp. Invests in Cubic Telecom to Pioneer the Future of Softw…

최서진 0 79 2023.12.11 17:31

SoftBank Corp. Invests in Cubic Telecom to Pioneer the Future of Software-Defined Connected Vehicles and IoT Assets Globally

SoftBank Corp. Invests in Cubic Telecom to Pioneer the Future of Software-Defined Connected Vehicles and IoT Assets Globally2

TOKYO & DUBLIN----SoftBank Corp. , a telecommunications and IT operator headquartered in Tokyo, and Cubic Telecom Ltd. , a leading global provider of software-defined connected vehicle[*1] solutions headquartered in Dublin, today announced they signed a definitive agreement whereby SoftBank will invest approximately 473 million EUR[*2] in Cubic Telecom for a 51.0% equity stake[*3] in the company, at a valuation of over 900 million EUR. With this investment, SoftBank and Cubic Telecom will form a strategic global partnership to pioneer the future of software-defined connected vehicles and other high-value Internet-of-Things assets[*4] by harnessing the power of global connectivity platforms. Cubic Telecom is a leading global provider of connectivity solutions to automotive, transportation and agriculture original equipment manufacturers , and according to McKinsey & Company[*5], 95% of new vehicles sold globally will be connected by 2030, and connected car use cases alone could deliver 250 billion USD to 400 billion USD in annual incremental value for the ecosystem, with Cubic Telecom poised to capture a leading share of this rapidly growing market. After the investment closes, Barry Napier will continue to lead Cubic Telecom as CEO and Board Member, and Daichi Nozaki, SoftBank’s Senior Vice President responsible for its global business, and two other SoftBank appointees will join Cubic Telecom’s Board. Three Board seats will continue to be held by Cubic Telecom’s existing shareholders, including CARIAD and Qualcomm, and with the close of the investment, Cubic Telecom will become a consolidated subsidiary of SoftBank.

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Cubic Telecom’s Platform for Application & Connectivity Enablement is a testament to the shift towards software-defined solutions and away from the legacy of hardware. The platform allows OEMs to monitor, manage and update many aspects of a vehicle or device in real-time, globally, via mobile connectivity - meaning vehicles can be tailored to the requirements of a country or region while complying with different regulatory mandates. Vehicles and devices can receive new features and functionality over-the-air throughout their lifetime, which improves performance, safety, comfort and value to ensure the best user experience. Cubic Telecom has grown rapidly since launching its industry-first connectivity platform in 2016, and through agreements with more than 90 mobile network operators , the company currently connects more than 17 million vehicles in over 190 countries and regions, adding 450,000 new vehicles a month, which is expected to increase exponentially over the next 5 years. Junichi Miyakawa, President & CEO of SoftBank Corp., commented, “In line with our ‘Beyond Japan’ strategic growth initiative, we are extremely pleased to be teaming up with Cubic Telecom to make a full-fledged entry into the fast-growing market for high-value IoT asset connectivity. With its global leadership position, we are convinced Cubic Telecom is the best partner for this opportunity, and we look forward to building connectivity platforms for next-generation social infrastructure.”