Ericsson in $1.1bn IoT buy
Ericsson says Cradlepoint comlements its existing 5G Enterprise portfolio which includes Dedicated Networks and a global IoT platform. Cradlepoint provides wireless networks that combine mobile, IoT and enterprise systems.
Cradlepoint will become a fully owned subsidiary of Ericsson while continuing to operate under its existing brand. Cradlepoint employees will remain within the company, headquartered in Boise, Idaho, and will be part of Ericsson’s Business Area Technologies & New Businesses.
The all-cash transaction expected to close before the end of Q4 2020.
Wireless wide area network (wireless WAN) Edge solutions connect through 4G and 5G to deliver fast, secure, and flexible connectivity. Cradlepoint’s subscription model combines cloud-delivered software with hardware endpoints, support and training.
“The acquisition of Cradlepoint complements our existing offerings and is key to our strategy of helping customers grow the value of their 5G network investments. Ericsson is uniquely positioned to build on Cradlepoint’s leadership position in Wireless Edge and the wireless WAN market,” said Börje Ekholm, President and CEO Ericsson. “Combining the scale of our market access and established relationships with the world’s biggest mobile operators we are making a strong investment to support our customers to grow in this exciting market. I would like to extend a very warm welcome to all Cradlepoint employees.”
“We have led the way in bringing the power of cellular networks and technologies to enterprise and public sector customers – helping them connect beyond the limits of traditional wired WANs. Ericsson with its global 5G leadership is a great match for us and I am very excited to continue to scale and expand our business together,” said George Mulhern, CEO and Chairman of Cradlepoint.
Founded in 2006, Cradlepoint has more than 650 employees and has been working with Ericsson for the last ten years, starting in 4G.
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