Ericson To Buy Cradlepoint For $ 1.1 Billion

Ericson-To-Buy-Cradlepoint-For-$-1.1-Billion

In a major turnaround on Friday, Ericsson has sealed the deal to buy the wireless networking company, which is based in the US, Cradlepoint for $1.1 billion. The agreement would hand over the tools to manoeuvre plenty of Internet of thing (IoT) using 4G and 5G networks.

In more than a decade, it is the biggest deal hatched by the Swedish telecoms giant. Currently, Cradlepoint sells wireless networking services to companies and business, that are subscription-based. Besides, it also sells routers.

Notably, the arch-rival of Cisco, Cradlepoint had garnered a sales of $137 million in 2019. It made a gross margin of 61 per cent. Soon, the company will become a subsidiary of Ericsson.

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