RacoWireless, a US-based machine-to-machine (M2M) technology spin-out of telecommunications service provider T-Mobile, has been acquired by Australia-based telecom company Kore Wireless for an undisclosed amount.
RacoWireless previously functioned largely as T-Mobile’s M2M division, handling processes such as fleet telematics, asset tracking and payment processing, before becoming independent.
John Horn, RacoWireless’ president, will stay on at the company as its executive vice-president and chief strategy officer.
The acquisition of RacoWireless was made as part of a larger restructuring of Kore that will involve private equity firm Abry Partners becoming its a majority shareholder.
John Horn said: “This acquisition is a great fit between two companies that have been pioneers in this space. This is a unique opportunity that will redefine the internet of things and M2M industry, and create a company that has the right scale and focus to shape the course of the internet of things.”