After weeks of uncertainty, the future of Sigfox and its subsidiary Sigfox France SAS is now sealed. The Commercial Court of Toulouse has appointed UnaBiz, a Singapore-based Massive Internet of Things (IoT) service provider, as the new owner of the French IoT startup.
Cofounded in 2015 by Henri Bong, a former Sigfox sales manager in Asia, UnaBiz owns and operates the Sigfox 0G network in Singapore and Taiwan and is a founding member of 0G United Nations, the global association of 0G network operators.
During the transition phase, Unabiz said it will conduct financial and operational assessments to protect the firm’s assets, books, as well as mission-critical network and backend systems, to address customers’ needs.
“UnaBiz and Sigfox will strive towards the convergence of LPWAN,” said UnaBiz’s CEO Bong in a statement. “The new Sigfox will reinvent itself and collaborate with other IoT communication technologies to seize new market opportunities.”
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UnaBiz also commits to safeguarding 110 of the remaining 174 employees of Sigfox SA and the 16 employees of the Sigfox France SAS subsidiary.
In a post on LinkedIn, Bong expressed his gratitude — the fact that the company was based in Singapore was reportedly an issue — and laid down some markers for the future. Because his message is in French, find below the original post and its modest translation.
“It’s not just about taking the helm. As I stated loudly at the hearing [at the Commercial Court of Toulouse], to me this is a marriage. It is the union of two entities that have always been made for each other.
Thank you all again for your messages. We would never have been able to convince without this incredible mobilization of the entire ecosystem. I hope that this energy will become the foundation of a new dynamic for our industry. Let’s keep it going.
Thank you to the employees who have spoken out on our behalf many times, taking significant risks if we were not the ultimate buyers. We will protect you and welcome you to the UnaBiz family. Welcome.
Thank you to the operators who have all united behind us. As operators ourselves, we understand your challenges and difficulties, and we will work together for your success because it is your success that will define ours.
Thank you to the customers who did not hesitate to write us many letters of support, we will maintain the continuity of connectivity services and we will invest in R&D to continue to improve the technology but also create bridges with other protocols. Let’s open.
Finally, thanks to the French Government who finally validated the IEF [Investissement Étranger en France or, in English, Foreign Direct Investment in France]. Yes, UnaBiz and its Board have unanimously decided to study the relocation of its headquarters in France and we will guarantee the sovereignty of the assets of this French startup.
A new era is beginning for IoT, a new hope, a new story, and I hope we can write it with you all. Thank you“
UnaBiz stated that new strategies and governance will be put in place to facilitate engagements with Sigfox’ existing partners, customers, and Sigfox operators to support the company’s long-term development.
Rehabilitation procedure
On Jan. 26, 2022, the IoT network provider was placed into receivership/rehabilitation proceedings with continuation of operations by the Commercial Court of Toulouse “at the request of” Sigfox’s CEO, Jérémy Prince. The main reason given was the “slower than expected adoption cycle of its technology”.
“Please note Sigfox is not in a bankrupt situation,” Sigfox’s corporate communication manager Antoine Mège told EE Times Europe, at the time of the announcement. “We have requested to be placed under court protection, by applying for the opening of a receivership/rehabilitation procedure (Redressement judiciaire, in French). It is not a liquidation.”
Mège continued, “The receivership/rehabilitation procedure is a solution under French law intended to allow the continuation of the company’s activity and then its revival, the only way to ensure its durability. The final objective of this procedure is to find a buyer able to invest in the growth and development of Sigfox.”
The objective of this initial six-month observation period was indeed to identify, through the implementation of a takeover plan, new buyers capable of supporting the long-term development of Sigfox and maintaining jobs.
By Mid-March, nine companies had shown interest in the startup, mostly financial groups. They included regional Sigfox operator groups Heliot Europe and iWire as well as Singapore-based IoT provider UnaBiz. Also amongst the bidders was French network group Actility, a significant player in the LoRAWaN camp.
The list also included the Buffet Investment Services Consortium, Greybull Capital, Sentiens, Groupe Zekat, and OTEIS France.
The results of the receivership proceedings of Sigfox and its subsidiary Sigfox France SAS were unanimous, with UnaBiz recognized as the “best offer among the nine initial bidders” by the jury, the administrators, the public prosecutor, Sigfox SA, Sigfox France SAS and Sigfox employee representatives, companies said in a statement.
Lost hopes
Founded in 2010, Sigfox is a LPWAN service provider for connecting simple, low-powered, low-cost IoT devices to the Internet. Deployed in 75 countries, Sigfox’s 0G network is claimed to cover more than 1.4 billion people. In 2022, Sigfox reported 20 million connected devices and 80 million messages sent every day.
Sigfox said it has designed its technology and network to meet the requirements of mass IoT applications: long device battery life-cycle, low device cost, low connectivity fee, high network capacity, and long range.
Since its creation, Sigfox has raised nearly €300 million from high-profile investors such as Intel, Samsung, NTT, SK Telecom, Salesforce, Total, and Air Liquide.
Sigfox was listed in the 2020 and 2021 editions of La French Tech 120, a growth-stage program by La French Tech created to provide government-backed support for the 120 fastest growing companies in France. In view of its growth potential, Sigfox was listed in Next40, a selection of France’s most promising technology startups.
Sigfox was also featured in the 2014, 2015, and 2016 editions of EE Times Silicon 60: Hot Startups to Watch.
Headquartered in Labège, near Toulouse, France, Sigfox has offices in Boston, Dallas, Dubai, Madrid, Paris, São Paulo, Singapore, and Tokyo.
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