Vodacom acquires stake in IoT.nxt
14 May 2019 Thabiso Mochiko
Vodacom Group has bought a 51% stake in IoT.nxt to accelerate its Internet of Things (IoT) strategy.
IoT refers to networks of physical devices that use sensors to connect and transfer data over the internet. In the year to March, Vodacom’s IoT customers grew 24.4% to 4.5-million.
IoT.nxt provides a wide spectrum of IoT products with operations in the US, Europe and SA.
Vodacom Group CEO Shameel Joosub says the acquisition of IoT.nxt brings a number of advantages to Vodacom’s existing IoT capability, including a technology platform that will allow the group “to better orchestrate” the information obtained from sensors and edge devices, among other things. It will also “enable us to further scale our IoT business across multiple verticals as we move up the value-chain”, he said
Joosub said Vodacom will continue to seek strategic acquisition opportunities to drive ongoing investment in the IoT sector.
IoT.nxt CEO Nico Steyn said Vodacom’s investment will provide the company “with the freedom to expand our business vision while we build a class-leading product that will be sold globally, through multiple channels, including Vodacom’s competitors”.
IoT.nxt’s management team will continue to run the company, working closely with Vodacom’s IoT business led by Vodacom Business CEO William Mzimba.
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