By Business & Finance 
Barry Napier is CEO of Cubic Telecom. He has overseen the acquisition of a majority stake by Softbank in the company. He is our Business Person of the Month November 2023, in association with KPMG.
Softbank Corp, a Japanese company, has acquired a majority stake in Dublin-based Cubic Telecom. It is reported to be one of the largest software deals in Irish history.
Cubic Telecom
Cubic Telecom was established in 2005 and provides connected software solutions to clients. The firm develops solutions for Internet-of-Things (IoT), machine-to-machine and device-manufacturing companies.
Acquisition
The acquisition is reported to offer Softbank a 51 per cent equity stake in Cubic Telecom at a valuation of more than €900m.
SoftBank and Cubic Telecom will form a global partnership, with both companies developing software-defined connected vehicles and other Internet-of-Things (IoT) assets.
Barry Napier, CEO and board member of Cubic Telecom, will retain his positions. Three senior Softbank executives will join the Cubic Telecom’s board as it becomes a consolidated subsidiary of Softbank.
Calling this a “significant milestone” for Cubic Telecom, Mr. Napier said: “The focus on software rather than hardware means manufacturers can increase the value of a vehicle or device by adding new functionality, over-the-air, which will improve safety, comfort and performance.
“This, alongside the opportunity AI presents, will open up new collaborations and business models. The opportunities ahead of us are endless.”
Junichi Miyakawa, president and CEO of SoftBank, said: “In line with our ‘Beyond Japan’ strategic growth initiative, we are extremely pleased to be teaming up with Cubic Telecom to make a full-fledged entry into the fast-growing market for high-value IoT asset connectivity.”
The acquisition is subject to regulatory approvals in the companies’ respective jurisdictions.
Barry Napier
Barry Napier took over as CEO of Cubic Telecom in 2008. He oversaw the growth of the company which has received over €110 million in funding while employing over 180 staff.
During his tenure, Cubic Telecom has become recognised as a pioneer in the Internet of Things (IoT) industry and in June 2022 surpassed 10 million devices with Cubic’s technology installed. Their technology is now installed on 13 million deivces across more than 190 countries.
Cubic won the IoT Analytics Innovation Award at the IoT Breakthrough Awards in 2021. The company was recognised as a Challenger in Gartner’s Magic Quadrant for Managed IoT Connectivity Services.
Business Person of the Month
The Business Person of the Month Award, in association with KPMG, recognises outstanding leaders in Irish business. It especially acknowledges those who have made significant contributions to the business community of Ireland.
Recipients of the award are automatically put forward as candidates for the prestigious Business Person of the Year Award at the annual Business & Finance Awards.
Business & Finance, Company of the Month
Business & Finance, in association with KPMG, recognises excellence in business through the ‘Company of the Month’ award. The Company of the Month award recognises the company which best demonstrates outstanding business leadership, sustainable growth, innovative strategy, strong financial returns and employee development.
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