In a strategic move to bolster its Industrial IoT portfolio, Qualcomm (NASDAQ:QCOM) said Friday that it has entered into an agreement to acquire the 4G IoT technology of Sequans Communications (SQNS).
According to the company, the acquisition will include specific assets, employees, and licenses from Sequans, further cementing Qualcomm's position in the rapidly expanding IoT market.
No financial details were disclosed in the press release.
"Qualcomm is revolutionizing industries, redefining business models, and enhancing user experiences through its cutting-edge IoT solutions," Qualcomm stated.
Nakul Duggal, General Manager of Qualcomm's Automotive, Industrial and Embedded IoT, and Cloud Computing division, highlighted the strategic importance of this acquisition.
"Digital transformation is being driven by high-performance processing and intelligence at the edge, positioning Qualcomm for growth in one of the largest addressable opportunities," Duggal remarked.
He emphasized that integrating Sequans' 4G IoT technology would enhance Qualcomm's offerings for enterprise customers, particularly in Industrial IoT applications.
Sequans, a Paris-based designer and supplier of cellular semiconductor solutions, will retain a perpetual license to continue using its 4G IoT technology.
This will enable Sequans to maintain and grow its existing 4G business while focusing on expanding its 5G portfolio.
The company's CEO, Georges Karam, expressed enthusiasm about the agreement, noting that the transaction "provides us with significant capital to continue to further invest in our IoT business ambitions."
Karam added that the deal would offer Sequans the resources and flexibility needed to innovate and expand its market presence in the AI-powered IoT space.
The transaction, which is subject to customary closing conditions, including French regulatory approval, marks a significant step for both companies in advancing their positions in the global IoT market.