Inseego, a U.S. broadband vendor, recently completed a deal to buy Nokia’s fixed wireless access (FWA) CPE business. The company has expectations that this move will roughly double its revenue.
By adding indoor, outdoor and mmWave FWA technologies to its wireless broadband portfolio, Inseego stated it now has a global presence across consumer and business connectivity.
Its footprint for operators now includes Europe, the Middle East, Asia, Oceania and the Americas, while also expanding its engineering capabilities.
To support its global ambition, Inseego established an international headquarters in Amsterdam, a development centre in Athens, Greece, expanded its presence in Bangalore, India, and added customer-facing sales and technical resources across its new markets.
“We now have the scale, technology, and global reach to support carriers across business, residential, and mobile use cases”, Inseego CEO Juho Sarvikas said.
The deal, announced in April, grants Nokia approximately 1.9 million common shares, representing an 11% ownership stake in Inseego
The Finnish vendor also received warrants to purchase up to 800,000 shares of common stock, at an exercise price of $4.26 per share.
Nokia will also kick in a further $10 million cash payment by 15 October to support engineering work on interoperability between Inseego’s device operating system and cloud platform and certain Nokia technology ecosystems over the coming year.
Nokia will provide transition support and refer new FWA opportunities to Inseego.
About 250 people from the acquired business will support Inseego’s engineering, product management, supply chain, sourcing and customer support operations. They include employees joining Inseego and Nokia personnel providing support under a transition services agreement.
Source: Mobile World Live
Image Credit: Nokia
Source: Tahawul Tech