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- Cubic Telecom
Cubic Telecom Acquisition, Valuation, Funding & Investors
Cubic Telecom was acquired by SoftBank for $1B in December 2023, a 16.0x multiple on $63M of revenue.
Cubic Telecom revenue at acquisition
$63M
Last twelve months · Dec 2023
Cubic Telecom revenue multiple at acquisition
16.0x
EV/Revenue · Dec 2023
Cumulative funding Cubic Telecom raised
$89M
across 5 funding rounds
About Cubic Telecom
Cubic Telecom is a Dublin-headquartered provider of IoT connectivity platforms for automotive, agriculture, and transport sectors. Launched in 2006, its PACE platform connects vehicles in 190 countries, serving clients like Audi, Volkswagen, Skoda, CNH Industrial, and Panasonic. The company has raised over €110 million from investors including Qualcomm and the European Investment Bank.
Founded
2005
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription, Usage-based
Revenue
$23M (Jan 2020)
Valuation
$161M (Jan 2020)
Cubic Telecom Acquisition
Cubic Telecom was acquired by SoftBank for $1B on 4 December 2023.
The acquisition price implies a 16.0x revenue multiple on $63M of revenue.
Before the acquisition Cubic Telecom had raised $89M across 5 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 4 Dec 2023 | Strategic M&A | $1B | 16.0x | 147.9x |
Cubic Telecom Valuation
Cubic Telecom is currently valued at $161M, based on its Series A in January 2020.
The $12M round was led by Act Venture Capital.
Cubic Telecom's valuation has moved from $215M at its Series B in July 2014 to $161M in January 2020, across 4 priced rounds.
Cubic Telecom valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2020 | Series A | $161M | 7.0x |
| Aug 2017 | Series C | $215M | 3.3x |
| May 2015 | Series C | $490M | - |
| Jul 2014 | Series B | $215M | - |
Cubic Telecom Revenue
Cubic Telecom's latest recorded revenue is $23M, as of its Series A in January 2020. At a $161M valuation, that implies a 7.0x revenue multiple.
Revenue moved from $65M in August 2017 to $23M in January 2020, while the revenue multiple moved from 3.3x to 7.0x.
Cubic Telecom revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2020 | $23M | $161M | 7.0x | Series A |
| Aug 2017 | $65M | $215M | 3.3x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Cubic Telecom Funding History
Cubic Telecom has raised a total of $89M across 5 funding rounds.
Cubic Telecom's first fundraising round was a $5M Series B in May 2013. The most recent completed round was a $12M Series A in January 2020.
Cubic Telecom funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2020 | Series A | Act Venture Capital (lead) | $12M | $161M | Cubic Telecom is an Irish technology company specializing in connected intelligence solutions, including multi-IMSI single-SIM technology for IoT, automotive, and mobile devices. The company provides global connectivity services and has partnerships with entities like Audi, Qualcomm, and drone delivery platform Manna. Act Venture Capital invested €11 million (or €11.1 million per some reports) in Cubic Telecom around late 2019 to early 2020 in an unattributed VC round, following a €23.5 million loan from the European Investment Bank. This investment occurred at a valuation of around €140 million, similar to a prior raise two years earlier. Act VC has been a long-term backer since 2013. In 2018, Cubic Telecom reported turnover of €19.8 million, an 80% increase from the prior year, despite pre-tax losses of €12.7 million. The company had raised approximately $110-124 million across multiple rounds by that time from investors including Enterprise Ireland and Sierra Wireless. Cubic Telecom was recognized as a niche player in Gartner’s Magic Quadrant for Managed IoT Connectivity Services. |
| Aug 2017 | Series C | Qualcomm (lead); Audi Electronics Venture; Valid; Ireland Strategic Investment Fund | $47M | $215M | Cubic Telecom, a Dublin-based startup founded in 2007, provides virtual networking solutions enabling cars and IoT devices to automatically connect to local mobile networks globally, serving automakers like Audi, VW Group, Porsche, and others including HP, Lenovo, Panasonic, Rakuten, and Woolworths. The company partners with over 30 mobile operators across 180 countries for 4G LTE voice and data services, positioning itself in the connected car and broader IoT market amid rising automaker initiatives for seamless connectivity without roaming costs. In August 2017, Cubic Telecom raised $46.5 million (approximately €40 million) in a Series C funding round led by Qualcomm, with participation from Audi Electronics Venture, Ireland Strategic Investment Fund (ISIF), and Valid Soluciones Tecnologicas SAU. This round valued the company at €180 million ($215 million) post-money, according to sources close to the company, bringing total funding to date to around $83.5 million. The investment supports expansion of engineering teams in Dublin (primarily engineers, planning further hires), platform updates for IoT capabilities, and market growth into China, Asia, and the US. Investors highlighted alignment with automotive eSIM strategies and job creation in Ireland. Prior rounds included investments from Audi and Qualcomm in 2015 for 3G/4G connectivity in Audi vehicles. Cubic had previously developed virtual SIM tech for high-speed internet in Audi cars and was noted for potential in driverless vehicles, with customers like Microsoft praising its global IoT expertise. |
| May 2015 | Series C | Qualcomm; Audi Electronics Venture | $20M | $490M | Cubic Telecom, a Dublin-based provider of cloud-based machine-to-machine (M2M) connectivity platforms, secured a €18 million co-investment from Audi Electronics Venture (AEV) and Qualcomm on May 6, 2015, valuing the company at €425.8 million. This marked Qualcomm's fourth investment in Cubic, joining prior backers like Sierra Wireless, ACT Venture Capital, TPS Investment Limited, and Enterprise Ireland. The funding aimed to enhance Cubic's software platform, expand its global connectivity network, and support operations for its growing customer base in automotive, computer OEM, and retail sectors. Cubic's technology enables seamless global connectivity by embedding applications at the manufacturing stage, allowing always-on access worldwide without roaming costs. Key partners included Audi for infotainment solutions in vehicles like A3, A4, A5, Q2, and Q7; OEMs such as HP, Lenovo, and Panasonic; and retailer Woolworths. CEO Barry Napier highlighted the investment's role in positioning Cubic at the forefront of automotive connectivity transformation. Quotes from investors underscored strategic alignment: AEV's Peter Steiner noted strengthened partnership for better vehicle-internet integration, while Qualcomm's Paul Fiskness praised Cubic's solution for global-scale products including cars, laptops, medical devices, and IoT/M2M modules. This round preceded later financings, including a 2017 €47 million raise at €180 million valuation and a 2022 SoftBank majority stake at over $1 billion. |
| Jul 2014 | Series B | Enterprise Ireland (lead); Qualcomm (lead); Sierra Wireless (lead) | $5M | $215M | - |
| May 2013 | Series B | Qualcomm; TPS Investments; Enterprise Ireland; Act Venture Capital | $5M | - | Cubic Telecom, a Dublin-based company specializing in global mobile connectivity, announced a $5.2 million funding round on May 24, 2013 led by Act Venture Capital, Enterprise Ireland, Qualcomm Incorporated, and TPS Investments. The company operated as a licensed mobile network operator (MNO) partnering with Tier 1 mobile operators to provide coverage across 230 countries using Software Defined Network technology compatible with 3G, 4G-LTE, CDMA, and WiFi. The funding was designated for global expansion and technology development, with plans to embed the platform directly into tablets and notebooks from Fortune 100 manufacturers, including securing contracts with leading device makers. As part of the round, Cubic Telecom announced it would create more than 70 new jobs over the following three years with support from Enterprise Ireland and the Department of Jobs, Enterprise and Innovation. |
Who has invested in Cubic Telecom?
8 investors have backed Cubic Telecom across its funding rounds, including Qualcomm, Enterprise Ireland, Act Venture Capital, Audi Electronics Venture, Ireland Strategic Investment Fund and Sierra Wireless.
Lead investors include Act Venture Capital, Qualcomm, Enterprise Ireland and Sierra Wireless.
Cubic Telecom Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | May 2013 | ||
| 2 | Participant | May 2015 | ||
| 2 | Lead | May 2013 | ||
| 2 | Lead | May 2013 | ||
| 1 | Participant | Aug 2017 | ||
| -- | 1 | Participant | May 2013 | |
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Start Free TrialCubic Telecom Competitors
Cubic Telecom competitors include listed companies like Wuxi Boton Technology, NextNav and Aeva, and private ones like FLASH, TuSimple and GO.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Publicly listed | $516M | $55M | $1.3B | - | ||
| Publicly listed | $5M | ($169M) | $2.5B | 540.7x | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $985M | - | ||
| Publicly listed | $18M | ($139M) | $1.1B | 35.6x |
Cubic Telecom Public Comps
Cubic Telecom is no longer listed, but its public comps include iFLYHealth, Keytop Parking, Ituran Location & Control, GuoChuang Software, Beijing eGova, Jiangsu Tongxingbao, Aeva, JSTI, Arcadyan Technology and Tuya.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $136M | ($7M) | 7.7x | 6.2x | (150.8x) | (144172.5x) | |||
| $124M | $29M | 7.5x | - | 32.3x | - | |||
| $359M | $93M | 2.6x | 2.4x | 10.2x | 8.8x | |||
| $220M | ($17M) | 4.8x | - | (60.4x) | - | |||
| $90M | ($52M) | 8.4x | - | (14.5x) | - | |||
| $159M | $47M | 2.7x | - | 9.2x | - | |||
| $18M | ($139M) | 54.7x | 35.6x | (7.1x) | (8.7x) | |||
| $622M | $30M | 1.6x | 1.7x | 32.7x | 13.8x | |||
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Common questions about Cubic Telecom
| When was Cubic Telecom founded? | Cubic Telecom was founded in 2005. |
| Where is Cubic Telecom headquartered? | Cubic Telecom is headquartered in Dublin, Ireland. |
| Is Cubic Telecom publicly listed? | No, Cubic Telecom was acquired by SoftBank in December 2023. |
| Who acquired Cubic Telecom? | Cubic Telecom was acquired by SoftBank in December 2023. |
| How much was Cubic Telecom acquired for? | Cubic Telecom was acquired for $1B in December 2023, a 16.0x revenue multiple. |
| What is Cubic Telecom's valuation? | Cubic Telecom was last valued at $161M in its Series A in January 2020. |
| How much funding has Cubic Telecom raised? | Cubic Telecom has raised $89M across 5 funding rounds. |
| What was Cubic Telecom's last funding round? | Cubic Telecom's last funding round was a $12M Series A in January 2020, led by Act Venture Capital. |
| Who are Cubic Telecom's investors? | Cubic Telecom's investors include Qualcomm, Audi Electronics Venture, Enterprise Ireland, Act Venture Capital, Valid, TPS Investments, Sierra Wireless and Ireland Strategic Investment Fund. |
| What is Cubic Telecom's revenue? | Cubic Telecom's latest recorded revenue is $23M (January 2020). |
| What is Cubic Telecom's revenue multiple? | Cubic Telecom's latest valuation implies a 7.0x revenue multiple ($161M valuation on $23M of revenue). |
| Which companies are comparable to Cubic Telecom? | Companies comparable to Cubic Telecom include FLASH, Wuxi Boton Technology, NextNav, TuSimple, GO and Aeva. |
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