Vodacom has announced that it plans to acquire a 51% share in IoT.nxt to enhance its current Internet of Things offering.
The Centurion-based ICT group was founded by Nico Steyn in 2015 and has grown to become a leading provider of IoT solutions in South Africa.
According to the Vodacom group’s preliminary results for the year ending March 2019, IoT connections continue to gain momentum in South Africa with a 24.4% growth in customers to 4.5 million.
“Our acquisition of IoT.nxt, with their unique edge technology and tech-agnostic platform, plays a significant role in solving the challenges of legacy systems that have limitations of integration,” said Vodacom Group CEO, Shameel Joosub.
“(The acquisition) will position Vodacom extremely well in being the digitalisation partner of choice for customers, beyond connectivity.”
Steyn told MyBroadband that the acquisition of the company will not change the way it operates, and they will maintain their agility in the market.
The IoT.nxt brand will also remain, said Steyn.
“Our brand stays the same, and we will are still able to do business with anyone,” said Steyn.
Besides a capital injection, the deal with Vodacom will give the company strategic leverage – including access to Vodacom and Vodafone’s global operations, said Steyn.
The transaction is subject to the approval of the Competition Commission.