SoftBank announced today that Dublin-based Cubic Telecom has become a subsidiary through its acquisition of a majority stake. Cubic Telecom is a provider of software-defined connected vehicle (SDCV) solutions, and its platform is embedded in vehicles at the point of manufacture, enabling OEMs to leverage software-defined technologies.
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Acquisition Announcement
In an official announcement today, SoftBank said Cubic Telecom became a subsidiary on March 6, 2024, following its acquisition of a 51.0 percent equity stake (after dilution).
SDCV is a term that describes a vehicle whose features and functions are primarily enabled through software connected to the Internet. SoftBank announced in December that it would invest approximately 473 million EUR in Cubic Telecom for a 51.0 percent equity stake in the company, valuing it at over 900 million EUR.
Strategic Partnership Details
SoftBank has been providing global IoT connectivity services, mainly in Asia-Pacific markets. In this new partnership with Cubic Telecom, SoftBank aims to make a full-fledged entry into the IoT markets for connected cars and software-defined vehicles, as announced last December.
In conjunction with Cubic Telecom becoming a subsidiary, SoftBank has launched new collaborative initiatives, including sales cooperation to expand the sales of Cubic Telecom's global connectivity platform mainly in the Asia-Pacific (APAC) region and developing new services.
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Collaborative Initiatives
Additionally, as part of these initiatives, SoftBank recently reached an agreement with Honda, whereby Honda will consider introducing Cubic Telecom's connectivity platform, sold by SoftBank, to Honda vehicles in approximately 70 countries and regions worldwide, excluding North America and China. SoftBank and Honda will further explore implementing Cubic Telecom's connectivity platform going forward.
Furthermore, SoftBank will collaborate closely with Cubic Telecom to expand the deployment of its global connectivity platform for SDCVs and adjacent markets. SoftBank also aims to leverage Cubic Telecom's platform to deploy various services in the future, the official release said.
