KORE is aiming to place software services and platforms at the heart of its business after announcing the acquisition of rival Wyless.
The combined company brings together KORE’s global IoT platform and billing and Wyless’s eSIM, multi-IMSI and core network capabilities.
According to a statement, one-third of the new organisation will be committed to product development around new technologies
KORE said it would be develop new products centred around the likes of eSIM technology, which it said would help enterprises build IoT solutions faster and have a greater handle on big data applications and analytics.
Alex Brisbourne, the CEO of KORE who will remain in his role, said: “That’s where the real excitement lies. We are creating the only true global, technology-rich provider of services for the fastest-growing and most interesting segment of the technology landscape, where data management and telecommunications converge.”
Wyless CEO Mike Coffey will become Chief Operating Officer of the new company. He said: “Bringing our combined resources together will allow us to deliver solutions that, quite simply, aren’t available in the market for many to access to date.”
Commenting on the deal, Beecham Research CEO Robin Duke-Woolley said the acquisition had created a strong and flexible IoT player. He said: “Uppermost in KORE management’s mind has been the transition to software services – data collection and effective processing of that data to add new value.
“Unlike many who aspire to provide these services, KORE is coming from a solid grounding in connectivity and where this data comes from. Part of the rationale for the deal is bringing forward introduction of new software services that will add new value in the IoT solutions business.”
He added: “Contrary to some popular assumptions, connectivity is not a ‘done deal’ and is not heading to be a commodity any time soon. Significant further expansion of the M2M/IoT market needs larger and more flexible connectivity providers to handle this, which KORE for one is now in an increasingly strong position to provide.”