This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20231204076141\/en\/<\/a><\/p>\n After the investment closes, Barry Napier will continue to lead Cubic Telecom as CEO and Board Member, and Daichi Nozaki, SoftBank\u2019s Senior Vice President responsible for its global business, and two other SoftBank appointees will join Cubic Telecom\u2019s Board. Three Board seats will continue to be held by Cubic Telecom\u2019s existing shareholders, including CARIAD (Volkswagen Group) and Qualcomm, and with the close of the investment, Cubic Telecom will become a consolidated subsidiary of SoftBank.<\/p>\n Cubic Telecom\u2019s Platform for Application & Connectivity Enablement (PACE) is a testament to the shift towards software-defined solutions and away from the legacy of hardware. The platform allows OEMs to monitor, manage and update many aspects of a vehicle or device in real-time, globally, via mobile connectivity – meaning vehicles can be tailored to the requirements of a country or region while complying with different regulatory mandates. Vehicles and devices can receive new features and functionality over-the-air (OTA) throughout their lifetime, which improves performance, safety, comfort and value to ensure the best user experience. Cubic Telecom has grown rapidly since launching its industry-first connectivity platform in 2016, and through agreements with more than 90 mobile network operators (MNOs), the company currently connects more than 17 million vehicles in over 190 countries and regions, adding 450,000 new vehicles a month, which is expected to increase exponentially over the next 5 years.<\/p>\n Junichi Miyakawa, President & CEO of SoftBank Corp., commented, \u201cIn line with our \u2018Beyond Japan\u2019 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. With its global leadership position, we are convinced Cubic Telecom is the best partner for this opportunity, and we look forward to building connectivity platforms for next-generation social infrastructure.\u201d<\/p>\n \u201cToday\u2019s announcement marks a significant milestone for our team and stakeholders, and we\u2019re excited to partner with SoftBank to pioneer the future of software-defined connectivity,\u201d said Barry Napier, CEO at Cubic Telecom. \u201cThe 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.\u201d<\/p>\n Cubic Telecom enables the world\u2019s major automotive, transportation and agriculture OEMs to accelerate digital transformation and better leverage software-defined technologies. The company is also developing cutting-edge services that leverage its platform\u2019s powerful analytics, and as cellular vehicle-to-everything (C-V2X) connectivity continues to be transformative, the partnership between SoftBank and Cubic Telecom will play a leading global role in developing new services and accelerating innovation.<\/p>\n While SoftBank has been providing global IoT connectivity services, mainly in Asia-Pacific markets, in this new strategic partnership with industry leader Cubic Telecom, SoftBank will be able to make a full-fledged entry into the rapidly growing IoT markets for connected cars and software-defined vehicles, giving it access to new revenue generating opportunities. By collaborating with SoftBank, which has an extensive customer base in Japan and other Asia-Pacific countries and regions, Cubic Telecom will gain access to new sales channels to further build on its market leadership position. SoftBank and Cubic Telecom will also explore ways to generate synergies and develop new services, such as utilizing satellite and stratospheric-based Non-Terrestrial Network (NTN)-based solutions that provide seamless connectivity to vehicles and IoT devices in areas that cannot be reached by traditional ground-based networks.<\/p>\n The investment is subject to regulatory approvals in various jurisdictions, and other customary closing conditions, and is expected to close in the first half of 2024.<\/p>\n In connection with the transaction, Jefferies (as lead financial adviser) and EY Corporate Finance provided advice to Cubic Telecom. Davis Polk LLP and Arthur Cox LLP acted as legal advisers to Cubic Telecom. PJT Partners acted as lead financial adviser to SoftBank. Herbert Smith Freehills and William Fry acted as legal advisers to SoftBank. PwC acted as Financial, Tax, HR, Cyber, Privacy and PPA advisor to SoftBank. KPMG Ireland and Trasna Corporate Finance also provided advice to Cubic Telecom in connection with the transaction.<\/p>\n – ENDS –<\/p>\n *1 Software-defined connected vehicle: Software-defined connected vehicle is a term that describes a vehicle whose features and functions are primarily enabled through software connected to the Internet. Cubic Telecom\u2019s connectivity platform is embedded in vehicles at the point of manufacture, enabling OEMs to leverage software-defined technologies. About SoftBank Corp.<\/b><\/p>\n Guided by the SoftBank Group\u2019s corporate philosophy, \u201cInformation Revolution \u2013 Happiness for everyone,\u201d SoftBank Corp. (TOKYO: 9434) operates telecommunications and IT businesses in Japan and globally. In the fiscal year ended March 2023, SoftBank Corp. registered 5,912.0 billion yen of revenue, 1,060.2 billion yen of operating income and 531.4 billion yen of net income. SoftBank Corp. has 40 million mobile subscribers in Japan, and through its group companies, 60 million smartphone payment (PayPay) users, 85 million online media (Yahoo! JAPAN) users and 96 million communication app (LINE) users (as of November 8, 2023). Building on its strong business foundation and compelling number of customer touchpoints, SoftBank Corp. is expanding into non-telecom fields in line with its \u201cBeyond Carrier\u201d growth strategy while further growing its telecom business. Also, by fully harnessing the power of AI, 5G\/6G, IoT, Digital Twin, Non-Terrestrial Network (NTN) solutions, including High Altitude Platform Station (HAPS)-based stratospheric telecommunications, and other advanced technologies, SoftBank Corp. aims to be \u201ca company that provides next-generation social infrastructure essential to the development of a digital society.\u201d In recognition of its ESG initiatives, SoftBank Corp. was selected for inclusion in the 2022 Dow Jones Sustainability World Index (DJSI World) as the only telecommunications company from Japan, FTSE4Good, 2023 Constituent MSCI Japan ESG Select Leaders Index and Empowering Women Index, and other leading global ESG investments indices. To learn more, please visit https:\/\/www.softbank.jp\/en\/<\/a><\/p>\n About Cubic Telecom<\/b><\/p>\n Cubic Telecom delivers advanced software-defined connected vehicle solutions in over 190 countries and regions around the world. Working with the world\u2019s leading automotive, transportation and agriculture OEMs, we connect 17 million cars and vehicles globally and enable 1 billion mobile internet data transmissions daily. To compete globally, OEMs must manage the complexities of connecting with different technologies while complying with regulatory mandates in different countries. Cubic Telecom cuts through this complexity through agreements with more than 90 MNOs, providing a single, global solution that enables any vehicle shipped anywhere in the world to have fully compliant built-in connectivity regardless of local market requirements.<\/p>\n View source version on businesswire.com: https:\/\/www.businesswire.com\/news\/home\/20231204076141\/en\/<\/a><\/p>\n
\n*2 Approximately 74.7 billion JPY, converted at 1 EUR = 158.0 JPY.
\n*3 After dilution.
\n*4 Other high-value IoT assets include motorcycles, heavy goods vehicles, commercial fleets, agriculture vehicles, heavy machinery and drones.
\n*5 Source: \u201cUnlocking the full life-cycle value from connected-car data<\/a>,\u201d McKinsey & Company, February 11, 2021.<\/p>\n<\/p>\n
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