TH1NG divests its broadband customers to Bahnhof
As previously announced in a prior press release earlier today TH1NG has decided to focus its operations on IoT, which is the company's core business, and therefore chooses to divest all broadband customers within the corporate segment to the internet operator Bahnhof. The asset deal is valued at 10 million SEK.
TH1NG has a presence with broadband services to businesses in over 50 city and communication operator networks. In connection with the asset deal with Bahnhof, TH1NG is winding down its broadband business and withdrawing its offerings.
The company's IoT solutions will continue to be exposed on all these external platforms, and TH1NG announces that they will now have the opportunity to work even more intensively with the IoT business to gain further market share.
- We have gradually seen an increased demand for our IoT solutions, which means that we need to focus even more on our core area. This is the basis for the decision to divest the broadband customers to Bahnhof, says Klas Westholm, CEO at TH1NG.
It is primarily within the real estate and energy sectors that we have several ongoing dialogues, and we see clear trends towards a generally strong emerging IoT market. A more streamlined business operation, together with the liquidity injection from the asset deal, enables us to strengthen our IoT business, concludes Klas Westholm.
- Bahnhof sees the acquisition as an opportunity to offer our security services to even more corporate customers, says Jon Karlung, CEO at Bahnhof.
