Deal will see UK’s largest dealer develop, launch and manage IoT services for UK businesses
Onecom has penned a five-year IoT deal with Vodafone to ramp up its aim to hit £110 million in revenue by the end of 2018.
This is according to CEO Darren Ridge who claims that the IoT deal will generate £10 million in revenue alone next year.
The agreement was signed on August 31, and will see the UK’s largest dealer develop, launch and manage IoT services for UK businesses. Vodafone currently connects 59.1 million IoT SIMs worldwide.
Prior to the deal, the Hampshire-based dealer invested £300,000 into its IoT infrastructure and recruited an industry figure in IoT, who will be revealed in two weeks.
Revenue from the agreement will not affect figures substantially for the 2017 financial year but Onecom is expecting to hit £100 million in revenue by the end of its 2017 financial year in December – 12 months ahead of its original ambitions.
Growth projections will be supported by organic growth fueled by the acquisition of Essex-based Evolve Telecom last year, which added £20 million to turnover.
Ridge told Mobile News: “We expect our revenue this year to be close to £100 million, IoT won’t have a massive effect on revenue this year but next year we’re anticipating an increase in revenue of 10 per cent as a consequence of signing the IoT agreement with Vodafone.”
Onecom chief operating officer Aaron Brown added: “The deal is fantastic for us to move forward. Ultimately, for us it is the next step in technology and what we could offer the customer as a fully-managed service provider.
“We’re the largest Vodafone partner with 325,000 mobile connections and we’ve invested £300,000 into our IoT arm, both of which helped greatly in signing this deal with Vodafone.
“This agreement enables us to provide a wide portfolio of IoT services to companies on a global scale.”