Lumine Group Inc. will acquire Nokia’s Device Management (DM) and Service Management Platform (SMP) businesses. This transaction, valued at approximately US$202.4 million with an additional contingent consideration of up to US$38.3 million based on the performance of the business in the year following the close, is a strategic move for Lumine Group.
This is technology M&A deal number 336 that ChannelE2E and MSSP Alert have covered so far in 2023. See more than 2,000 technology M&A deals for 2023, 2022, 2021, and 2020 listed here.
Lumine Group, founded in 2022, is based in Mississauga, Canada. The company has 96 employees listed on LinkedIn. Lumine Group’s areas of expertise include Telecommunications, Mergers & Acquisitions, Media, Cloud Based Solutions, Wireless, and Software M&A.
Nokia, founded in 1865, is based in Espoo, Southern Finland. The company has NUMBER of employees listed on LinkedIn. Nokia’s areas of expertise include WHAT.
The acquisition, which is expected to be finalized in the first quarter of 2024, is subject to customary closing conditions and consultations with employee representative bodies as required.
Details of the Acquisition
The acquisition involves approximately 500 employees from Nokia’s Device Management and Service Management Platform divisions transferring to Lumine Group. The transition aims to ensure business continuity and leverage Lumine’s expertise in the telecom industry.
Nokia's Device Management software capabilities facilitate communication service providers in managing various devices remotely, while its Service Management Platform is crucial in improving customer care services globally. This move aligns with Nokia's strategy to refocus its investment in key areas of technology leadership, following the divestiture of its VitalQIP products to Cygna Labs Corp and partnering with Red Hat for its core network applications infrastructure.
Raghav Sahgal, president of cloud and network services, Nokia, commented:
“Nokia is pleased to enter this agreement with Lumine as another sign of progress in our strategy to focus investment in those areas most important to our business. Lumine Group has the telecom industry expertise as well as the strategic focus and resourcing to drive the Device Management and Service Management Platform businesses forward to a stronger future.”
David Sharpley, group president, Lumine Group, said:
“We are absolutely thrilled to welcome Device Management and Service Management Platform customers and employees to Lumine. Consistent with our autonomous operating model, we will be reviving the heritage Motive brand for this new stand-alone Lumine company and we look forward to partnering with Nokia to ensure operational continuity with all customers.”