It may not have felt like it at the time, but given the shortage of big tech acquisitions in Africa in the two years since, the acquisition of local IoT startup IoT.nxt by Vodacom in 2019 was actually a big deal.
IoT.nxt is active across a broad spectrum of the IoT space, delivering solutions, products, and capabilities across 14 sectors of the market, from mining to industrial, buildings to healthcare, and transport to retail. Its unique tech stack bridges the gap between all protocols in the industrial ecosystem, creating a single integration point that allows customers to easily integrate their IT platforms with IoT devices.
The startup had been expanding in Europe and the United States after securing R100 million in funding in 2017, and Vodacom said its buyout was motivated by a desire to significantly accelerate its own IoT strategy.
“Despite the challenges of Covid-19 over the last year, the uptake in IoT services and solutions has been healthy, across most of the markets we targeted,” says Shane Cooper, acting CEO of IoT.nxt.
The company has seen growth all over the world, but Cooper says Africa is generally regarded as more receptive to new technologies. This is partly because African economies are largely unencumbered by legacy infrastructure.
“This allows for greater risk-taking in early adoption of new technology. We’ve found a refreshing willingness to engage in new IoT technologies, and what is even more encouraging for the future of the continent is the preparedness to co-create solutions with technology providers,” he says.
Full story: Brainstorm Mag