November 14, 2023 – Nokia announced on Wednesday that it has acquired the world’s largest Application Programming Interface (API) hub and marketplace from the US-based company, Rapid. This strategic move aims to bolster the revenue of its 5G and 4G network business.
Like other telecommunications equipment manufacturers, Nokia has been exploring ways to monetize its 5G equipment or diversify its market, as the company seeks to attract investments related to the rise of artificial intelligence.
According to the agreement, Nokia will take ownership of the technology and research and development departments of the American tech startup. This acquisition will enable its customers to integrate their networks, control their API usage, and collaborate with platform developers.
APIs are sets of codes that facilitate standardized communication, data exchange, and functionality between software components. Their use in advanced 5G networks provides faster, safer, and more accurate access to data such as user location or connection status.
Nokia did not disclose the financial details of the transaction. This acquisition is expected to enhance Nokia’s capabilities in the 5G and 4G network markets, positioning it for further growth and innovation in the telecommunications industry.
