SoftBank to invest $514 million for 51% stake in Cubic Telecom
SoftBank Corp will invest roughly 473 million euros ($514 million) to take a 51% equity stake in Cubic Telecom that will give the Dublin-based connected-vehicle technology provider greater access to Asian automakers.
The Japanese telecommunications arm of tech investment giant SoftBank Group and Cubic «will form a strategic global partnership to pioneer the future of software-defined connected vehicles,» the two companies said on Tuesday.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Digital TransformationVisitNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisit The deal gives Cubic a valuation of over 900 million euros.
«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… connectivity,» SoftBank Corp CEO Junichi Miyakawa said in a statement.
Barry Napier will remain as CEO and a board member after the investment closes.
SoftBank will gain three seats on the board, while three more seats will continue be held by existing shareholders, including Volkswagen software unit Cariad and Qualcomm.
Ever more cars are becoming connected, which will increase exponentially with the transition to electric vehicles. EVs are essentially computers on wheels — which has given rise to the industry term «software-defined vehicle — that automakers can upgrade wirelessly.
Consulting firm McKinsey & Co has estimated that 95% of new vehicles sold globally will be connected by 2030.
The industry is also exploring new ways to generate
