Vodacom buys stake in Iot.nxt from Talent 10 and founders
1 minute read
Written by T10 Team
IoT.nxt May 2019
Vodacom Group has reached an agreement to acquire a majority stake in IoT.nxt in a move that will significantly accelerate Vodacom’s Internet of Things (IoT) strategy and transform its dedicated IoT business unit. Vodacom has identified IoT as a key strategic growth area for the Group. This latest acquisition will enable Vodacom to operate across the full IoT value chain and develop best-in-class solutions for clients across a number of industry verticals.
Talent10 provided the funding for the establishment of IoT.nxt in late 2015 and invested a further R100m in 2017 for the opening of its European office in The Hague. Talent10 is a major current shareholder in the company. Talent10 Holdings CEO Wayne Fitzjohn says: “Co-founding IoT.nxt has proved to be one of our most significant decisions to date. It was clear within months that this IoT tech start-up had a world-leading solution. We made a further investment of R100 million in 2017 to allow the company to expand internationally. This transaction with Vodacom confirms our belief in the unique solutions which IoT.nxt develops and we are looking forward to an even more exciting journey ahead with the founders and our new partner, Vodacom.”
Read the full statement via IoT.nxt.