Sigfox, an IoT network operator, appears to have found a buyer. The acquisition may save the organization from bankruptcy.
Sigfox operates an IoT network in more than 72 countries. In 2021, the organization found itself in dire straits. Debt has been piling up. Sigfox went into receivership in January. Receivership temporarily protects organizations from bankruptcy. Sigfox’s protection period would have lasted until come summer, but at the start of this month, Sigfox’s board of directors abruptly requested the judge to cease the protection early. The judge agreed. As of tomorrow, Sigfox is liable to claimants of outstanding debts once more.
Organizations in receivership have two big reasons to stop their protection early. First, they may run out of money. If the organization lacks funding to last six months, the protection period only adds to the loss. Second, an organization may have found a buyer. Sometimes, investors have enough interest to take on debts. This is the most logical explanation for Sigfox.
The organization is popular. Sigfox’s IoT network covers more than 5.8 million square kilometres with a reach of 1.3 billion people. The network allows all those people to be provided with a connected IoT device. It’s a huge product. Sigfox has worked for BMW, Siemens, Michelin, DHL and Telefonica, among others.
Current Sigfox shareholders told IoT Now (website) that Sigfox has likely had acquisition options for some time. Recently, an anonymous Sigfox insider claimed that there are ten interested parties. The organization will be able to confirm the news as of tomorrow.