14 Sep 2015 | 08.25 am
€1m Chinese Deal For Cubic Telecom
Deal announced in China during Enterprise Ireland trade mission
14 Sep 2015 | 08.25 am
Irish mobile technology company Cubic Telecom is partnering with Chinese firm LeTV to roll out a new mobile phone data service, in a deal that could be worth €1m for Cubic.
With the new deal, LeMobile will be powered by Cubic Telecom under a single data SIM card which is embedded into an LeTV smart phone. The product is targeted at LeTV customers travelling outside of mainland China who want to access media content and video streaming on their device.
LeTV is one of the biggest video streaming services in China, with 400 million monthly users. Phase one of the project will go live in November 2015 and phase two is planned for 2016.
The deal was signed during Enterprise Ireland’s current trade mission to China, led by jobs minister Richard Bruton. Speaking from Beijing, Minister Bruton said: “It is very encouraging to see innovative Irish companies like Cubic Telecom successfully securing business in China.
“Today’s announcement makes clear once again the scale of the possibilities that exist for ambitious and innovative Irish companies in China.”
Commenting on the deal, Barry Napier (pictured), CEO of Cubic Telecom, said: “It is very exciting to partner with a progressive company like LeTV. Our solution will provide connectivity to a large portion of their customer base who want to stay connected and enjoy a continuous quality data service when they travel.”
SVP of LeTV, Feng Xing, highlighted his satisfaction at offering a competitive connectivity service to his customers as they travel globally. “Our smart phone has created a mobile internet eco-system with content that engages the user. By partnering with Cubic Telecom, people can still enjoy an excellent user experience no matter where they are in the world.”
Earlier this year, Cubic Telecom secured a €18m co-investment from Audi Electronics Venture GmbH (AEV), a subsidiary of AUDI AG focused on investing in innovative technologies, and Qualcomm Incorporated (QCOM), which specialises in 3G, 4G and next-generation wireless technologies.
Cubic Telecom is one of 36 Irish firms currently on a five-day, four-city trade and investment mission to China, organised by Enterprise Ireland.