Cubic Telecom has raised €23.5m in loan funding from the European Investment Bank which will finance development of the company's PACE software connectivity platform.
The company, based in Dublin, is a global connectivity management supplier that offers mobility solutions that provide connectivity for Internet of Things, automotive and mobile device companies. Customers include Audi, Panasonic, Volkswagen and Skoda.
The EIB’s investment brings Cubic Telecom's total funding to c.€100m, the company said. The investment will also support Cubic’s expansion of its software platform and global network operations and will bring new jobs in software and network engineering.
Cubic Telecom Ltd’s December 2017 balance sheet shows equity invested of €74m and accumulated losses of €60m, after the company booked a net loss of €19m that year.
Chief executive Barry Napier said: “We continue to scale our software platform, operations and hiring to accelerate our customers’ expansion needs, which is critical given how fast the automotive and IoT markets are moving. With this investment from the EIB, Cubic will deliver on its software roadmap to enable any cloud provider secure global connectivity directly on the chipset, hardware or device while having ‘5G-ready’ to optimise future functions”.
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The company has 75 mobile partnerships in more than 180 countries, with about three million devices connected.
EIB vice president Andrew McDowell added: “The European Investment Bank is pleased to support Cubic Telecom’s expansion as part of our new direct financing initiative for innovative, fast growing EU companies. The loan will enable Cubic Telecom to continue to invest in innovation and create highly specialist jobs in Ireland, strengthening its European presence and competitiveness in this globally competitive sector.”
Law firm Arthur Cox and Peter Cross's Trasna Corporate Finance advised Cubic Telecom on the transaction.
Photo: Barry Napier (right) with Andrew McDowell (left) and finance minister Paschal Donohoe. (Pix: Anres Poveda)
