May 12, 2022

Sigfox placed in receivership

The procedure opened this Wednesday, January 26 is accompanied by a six-month observation period to allow the IoT operator to find new buyers.

At the request of its CEO, Sigfox and its subsidiary Sigfox France, operator of the IoT network in France, are placed in receivership. The Toulouse Commercial Court opened proceedings on Wednesday January 26. A six-month observation period should make it possible to identify, thanks to the implementation of a disposal plan, new buyers with the capacity to work for the long-term development of Sigfox and to propose a continued jobs.

“The decision to place Sigfox under the protection of Justice was imposed, despite the effective support of shareholders, due to a slower adoption cycle than expected for its technology, the company said in a press release. In addition, the IoT sector has been marked by the Covid-19 crisis, which has slowed activity over the past two years, and an electronic component market that has been in short supply for several months.These factors have weighed heavily on the company’s financial situation and in particular its level of indebtedness, which today makes it difficult to accelerate the development of Sigfox and its world-renowned technology in an increasingly competitive market.”

This procedure will allow the Sigfox group to continue its commercial activities and to continue to meet the needs of its customers. Sigfox processes nearly 80 million messages daily generated by 20 million registered objects. 5,000 customers have already committed to deploying nearly 50 million connected objects. The operator announced in early January that it was embarking on the development of its first energy harvesting module in partnership with HT Micron, a supplier of advanced semiconductor solutions, and Nowi, a semiconductor company based in the Netherlands. .

Solicited by the JDN, CEO Jeremy Prince did not wish to answer our questions immediately. We asked him last June about his priorities.