Netmore Group has acquired US LoRaWAN operator Senet for an undisclosed fee. The deal means the Swedish firm expands its public LoRaWAN footprint outside of Europe, where it has assembled networks in 11 different countries, to North America, where Senet is the largest network operator in the non-cellular public IoT space. Senet also comes with a network management platform, a portfolio of enterprises running private LoRaWAN networks, integration deals with various terrestrial and satellite networks, and a developing range of IoT tracking and monitoring apps.
The Senet brand (“a Netmore company”) will be retained in the US, alongside its headquarters in New Hampshire. The acquisition makes Netmore the biggest LoRaWAN operator (by geographic reach) on the planet. A statement declared: “The combined entity [is] the leading platform… for IoT B2B-deployments at-scale… Netmore is now positioned to deliver best-of-breed connectivity services, network infrastructure management, network and device monitoring and management, radio planning, maintenance, and customer support globally.”
The deal was backed with funding from Polar Structure, a major shareholder in (and “main owner” of) Netmore, and Fisk Ventures, a major investor in Senet. Both companies are about a decade old. Netmore acquired LoRaWAN operator Nordic IoT Networks in early 2021, pivoting to focus on public LoRaWAN infrastructure. It has since launched or acquired public LoRaWAN networks in Sweden, the UK, Ireland, the Netherlands, Spain, and France. It has also established operations in Poland and Austria, and has roaming agreements in Finland and Switzerland.
The firm acquired the public LoRaWAN network assets of operator Bouygues Telecom in France last year in a deal, also facilitated by Polar Structure, covering the Objenious-branded LoRaWAN infrastructure that Bouygues had already earmarked for shut-down in 2024. The new combination with Senet will mean Netmore has over one million connected devices under direct management, plus a “large contracted backlog, including one of the largest global installed bases of water utility AMI networks and contracted smart meters”.
Ove Anebygd, chief executive at Netmore Group, said: “This acquisition… reflects our commitment to become the world’s leading provider of global carrier-grade IoT connectivity… After our build out of LoRaWAN in Europe… expansion into the US is a pivotal part of our growth strategy and aligned with our commitment to the deployment of infrastructure [for] 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.”
Bruce Chatterley, chief executive at Senet, said: “A fragmented IoT connectivity market is beginning to consolidate… This… [is] an opportunity to establish a dominant market leadership position… [and] to engage and execute with technology leaders, solution providers, integrators, and channel partners to drive innovation… and accelerate the adoption of LoRaWAN across markets. Our commitment remains rooted in delivering innovative products and exceeding customer expectations… while building strong relationships… across the markets we serve.”
Tobias Emanuelsson, chief executive at Polar Structure, said: “As majority owner and green transition partner, we are proud of our key investment in Netmore. Through our continued investments, we are determined to develop the leading IoT network for critical assets in society to become sustainable at scale. A sustainable asset is a connected asset. Our long-term ownership structure accelerates modern infrastructure development, enabling resource efficiency across sectors. It’s rewarding to be a part of this journey of transformation and growth with Netmore.”
Stephen Rose, managing director at Fisk Ventures, said: “We are excited about the growth of digital transformation driven by the promise of IoT. Following recent growth in demand from the energy, utility, and enterprise sectors, the timing of this venture is strategically aligned with the next phase of the market’s evolution and creates new opportunities for customers around the world. We look forward to the ongoing innovation and ecosystem leadership to be delivered by the combined Senet and Netmore organization.”
