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Softbank Corp. buys Cubic Telecom, an Irish car networking company, for US $500 million

2024-06-18 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >

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According to news on December 6, the mobile communications sector of Japan's Softbank Corp. Group is acquiring Cubic Telecom, an Irish company specializing in vehicle networking, which is Softbank Corp. 's largest overseas acquisition in the field of smart car and self-driving car technology since its listing.

Softbank Corp. will buy about 51% of Dublin-based Cubic Telecom for 473 million euros ($513 million), the companies said in a statement. The deal, which values privately held Cubic Telecom at more than 900m euros, is still subject to regulatory approval and is expected to close in the first half of next year.

Vehicle networking is one of the key technologies needed for self-driving cars, and it is also an area that son focuses on. This year Softbank Corp. Group signed an agreement to invest $280 million in Mapbox, a company that develops artificial intelligence map and navigation software. Softbank Corp. is also expected to invest about $1 billion in self-driving truck startup Stack AV.

Cubic Telecom currently provides Internet services to 17 million vehicles in more than 190 countries. Excluding the Chinese market, this is equivalent to about 10 per cent of the global connected car market, according to Cubic Telecom. Cubic Telecom services add 450000 new connected cars every month, and it is estimated that 700000 new connected vehicles will be added every month by 2025. The company did not disclose financial details, including profitability.

The two companies plan to accelerate their global expansion by using Softbank Corp. 's satellite coverage capabilities and Cubic's expertise in the automotive field. The connected car market is expected to generate tens of billions of dollars in revenue by 2030, and about 95% of new cars will be connected, according to McKinsey research cited by the two companies.

According to Cubic Telecom, car networking requires complex technology integration, regulatory approvals and compliance requirements. The company said Softbank Corp. 's acquisition would help Cubic Telecom double or even triple its current market share.

"focusing on software rather than hardware means manufacturers can add new features wirelessly to increase the value of their vehicles or devices, which helps improve safety, comfort and performance," said Barry Napier, who continues to be chief executive of Cubic Telecom. "the opportunities ahead are unlimited."

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