(Yicai Global) Oct. 13 -- Communication equipment manufacturer Shenzhen Sunsea Telecommunications Co. [SHE:002313] plans to contribute USD10.63 million (CNY70 million) to set up a joint venture with a US-based Internet of Things company to bring in state-of-the-art IoT cloud platform technologies.
The Guangdong-based firm said yesterday that it entered an agreement with Ayla Networks Inc. to establish a JV in Shenzhen with USD15.18 million in registered capital.
Sunsea Telecommunications will contribute 70 percent and Ayla Networks will put in 30 percent.
Founded in 2010, Ayla Networks is an IoT service provider that enables corporate customers' devices to connect to its cloud platform through embedded software. Ayla Networks provides data management and analysis services in fields such as industry, commerce and consumption. After the JV is set up, Ayla Networks will sign a technology license agreement to transfer some of its exclusive technologies to Sunsea Telecommunications.
Sunsea Telecommunications said this JV marks an important step in its endeavor to implement its IoT strategy. By introducing cutting-edge technologies, the company said it will significantly improve its cloud platform service capability and be poised to forge closer partnerships with operators.