SoftBank Acquires Majority Stake in Irish car Software Group Cubic Telecom

Japan's SoftBank Corp, a telecommunications and IT operator, has acquired a  51.0% equity stake in Ireland's Cubic Telecom Ltd. a provider of software-defined connected vehicle solutions. It will invest invest approximately €473 million in the Dublin-headquartered company.

After the investment closes, Cubic Telecom will become a consolidated subsidiary of SoftBank.

Barry Napier will continue to lead Cubic Telecom as CEO and Board Member, and Daichi Nozaki, SoftBank’s Senior Vice President will be responsible for its global business.

Two other SoftBank appointees will join Cubic Telecom’s Board. 

Cubic Telecom’s Platform for Application & Connectivity Enablement (PACE) allows OEMs to monitor, manage and update many aspects of a vehicle or device in real-time, globally, via mobile connectivity – meaning vehicles can be tailored to the requirements of a country or region while complying with different regulatory mandates.

Junichi Miyakawa, President & CEO of SoftBank Corp., says: “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 high-value IoT asset connectivity. With its global leadership position, we are convinced Cubic Telecom is the best partner for this opportunity, and we look forward to building connectivity platforms for next-generation social infrastructure.”

Barry Napier, CEO at Cubic Telecom, adds: “Today’s announcement marks a significant milestone for our team and stakeholders, and we’re excited to partner with SoftBank to pioneer the future of software-defined connectivity. The focus on software rather than hardware means manufacturers can increase the value of a vehicle or device by adding new functionality, over-the-air, which will improve safety, comfort and performance. This, alongside the opportunity AI presents, will open up new collaborations and business models. The opportunities ahead of us are endless.”

Cubic Telecom connects 17 million cars and vehicles globally and enables 1 billion mobile internet data transmissions daily.