Senet Inc., A Portsmouth-based firm with the largest public LoRaWAN network in North America, has been acquired by Netmore Group, a LoRaWAN network operator based in Europe, to expand operations into North America.
LoRaWAN is a low-power, wide area networking protocol that wirelessly connects devices to the internet and manages communication between end-node devices and network gateways, according to TrendMicro.com.
The acquisition of Senet, a LoRaWAN operator and cloud-based network management platform provider, immediately establishes Netmore with carrier grade network in the US, adding to its position operating carrier grade networks throughout 11 European markets as well as global IoT markets.
Senet has "nearly 10 years of LoRaWAN technology development, a portfolio of public and private network offerings, integrations with several terrestrial and satellite networks, and a synergy with Netmore Group across large-scale commercial markets, including utilities, energy, enterprise, and asset tracking/logistics," Netmore Group states in a press release.
The combined company will start with over one million connected devices under direct management and a large contracted backlog, including one of the largest global installed bases of water utility AMI networks and contracted smart meters. "Additionally, Senet has momentum in the building monitoring, track and trace, natural gas safety, and operator enablement markets, which complement existing Netmore market penetration and offers new opportunities for significant multi-protocol end-device connection growth across geographies," Netmore states in the release.
Senet will continue operations as Senet, a Netmore Company from its headquarters in Portsmouth.
"The acquisition of Senet is a very important step in Netmore’s expansion plan. After our build out of LoRaWAN in Europe, now covering 11 countries, this expansion into the U.S. is a pivotal part of our growth strategy and aligned with our commitment to the deployment of infrastructure needed to support global business automation and sustainability initiatives. This acquisition brings together highly complementary teams, technology, and operations that position Netmore to create even more value for our customers, employees, and shareholders as we become the driving force behind the next stage of market growth,” says Ove Anebygd, CEO Netmore Group AB.
“A fragmented IoT connectivity market is beginning to consolidate. Netmore, Senet investors, and leadership view the timing of this strategic acquisition as an opportunity to establish a dominant market leadership position,” says Bruce Chatterley, CEO of Senet Inc.
Netmore Group was founded in 2010 in Sweden and since 2017 has been listed on the Nasdaq First North Growth Market.