France-based Sigfox has secured a buyer for its operations in the form of fellow IoT communications service provider Unabiz for an undisclosed fee, as the bankrupt company looked to protect its assets.
In a joint statement, the acquisition was confirmed and approved by a commercial court in France. There were nine bidders for the business with Singapore-based Unabiz the unanimous choice by a jury, administrators, public prosecutor, subsidiaries Sigfox SA, Sigfox France SAS and employee representatives.
UnaBiz will only safeguard 110 employees out of 174 and will analyse Sigfox’s financials and operations to “protect the firm’s assets” such as its network and backend systems, to allay customer concerns.
“I want to thank the entire Sigfox community for supporting us, and the French government for authorising our investment. While the transition of ownership marks a new beginning for Sigfox, UnaBiz will definitely guarantee the French sovereignty of Sigfox,” said UnaBiz cofounder and co-CEO Henri Bong.
Looking ahead, Bong said the IoT specialist has secured a sales pipeline for the next 12 months as markets emerge from the pandemic.
“UnaBiz and Sigfox will strive towards the convergence of LPWAN. The new Sigfox will reinvent itself and collaborate with other IoT communication technologies to seize new market opportunities,” added Bong.
Sigfox announced it filed for bankruptcy in 2021 placing the blame on the slow adoption of its technology and the pandemic. The company had high profile investors such as Intel, Samsung, NTT and SK Telecom.
The company had a footprint in 75 countries and added Ukraine to its ranks only last year.