Wednesday 13 December 2017

Cubic Telecom in fundraising talks


Cubic Telecom CEO Barry Napier
Cubic Telecom CEO Barry Napier

John Reynolds

Dublin mobile technology firm Cubic Telecom is in fundraising talks with a number of investors, one of which is believed to be Microsoft Ventures, according to industry sources.

Ceo Barry Napier and management are believed to retain about 50pc of the company and it is understood that an investment would involve them selling some of their stake.

In an interview in January of last year, Napier - a veteran in the mobile telecoms business - said that he believed the business could be worth up to €250m.

Cubic Telecom employs 80 people and has raised €34m in funds. It is positioning itself as a provider of fast mobile data connectivity in a growing number of countries, looking to the emerging 'connected car' and 'Internet of Things' markets.

The firm is already backed by car maker Audi and mobile technology equipment maker Qualcomm, which invested €18m in the firm last year.

It has close links with Microsoft and runs on its architecture. Last year, on a visit to Dublin, Microsoft ceo Satya Nadella said the company was "a fantastic example of an Irish startup that not only has built something that is significant… worldwide".

Peggy Johnson, who is now an executive vice-president of business development at Microsoft, is closely involved in its connected car strategy. She also oversees Cubic's strategic investments and previously worked at Qualcomm. Paul Fiskness, a former dealmaker at Qualcomm, now sits on the Cubic Telecom board and works on M&A for it. He is believed to be closely involved in the talks.

Spokespeople for both Cubic Telecom and Microsoft declined to comment.

Sunday Indo Business

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