Its tagline says almost everything you need to know about RacoWireless: “Welcome to the Internet of Things. We Make It Easy.” As two companies that have made it our long-term mission to offer a distinctly “uncarrier” level of complication-free service to the M2M market for their device connectivity needs, we are proud today to welcome the RacoWireless team to the KORE family!
Individually, these companies have developed unquestionably the deepest expertise in handling the requirements of M2M adopters, garnered from serving them over the past 12 years. Together, with a complementary set of Tier 1 carrier partners (now totaling 12), applications solutions under management and mature managed services, we are that much stronger.
Even as KORE and Raco made their mark on the M2M market with highly-individualized customer service, the pool of M2M users is expanding, as expected, to include larger and larger customers. Fact is, these enterprise organizations feel more comfortable dealing with larger enterprises as their service providers, with an understanding that their providers can invest with them over time.
Each of us needed to get bigger. But even more importantly, to expand our service depth and breadth consistent with our customer’s needs. Our job is to complement our customers business, taking the complexity out of delivering their solutions, and getting them to market – and revenue – faster.
This acquisition, then, perfectly positions KORE as a viable, sustainable alternative to the top 5 global carriers with a talent depth and global breadth on par with them, yet with the ability to retain a personal touch that carriers cannot match. As we all know by now, the M2M market runs on this level of personal service.
“This acquisition is a great fit between the two true pioneers in the M2M space,” says John Horn, who will become the Executive Vice President and Chief Strategy Officer for KORE. “We have a unique opportunity to redefine the IoT/M2M industry, and will create a company that has the right scale and focus to shape the course of the Internet of Things.”
For KORE, this transaction was preceded by an equity placement from ABRY Partners, to the tune of a majority interest. This investment in fact represents the single-largest capital infusion the M2M market has ever seen. ABRY’s motivation, in large part, is to foster creation of the pre-eminent independent provider of broad-based M2M service solutions on a global basis. It recognizes, properly, the substantial market opportunity that can be captured by single-provider scale and reach.
Our combined company will now have offices in five countries, serve substantially in excess of 3m subscribers, support more than 1,500 B2B customers and provide services to major brands across more than 110 markets around the world.