Nokia has made a strategic move to bolster its network API capabilities. The company has acquired Israeli startup Rapid API for its technology assets, including the world’s largest API hub and a talented R&D team. This acquisition will accelerate Nokia’s leadership in the API ecosystem for 5G and 4G network monetization.
While the terms of the deal were not disclosed, RapidAPI, hit unicorn status in 2022 when it reached a $1 billion valuation after raising $150 million in a Series D round of investment. However, the firm’s value has since dropped considerably.
The 5G revolution is here, and operators are ready to reap the rewards. By leveraging network APIs, they can unlock the full potential of their networks and create new revenue streams. Nokia’s acquisition of Rapid’s API technology is a game-changer, empowering operators to seamlessly integrate their networks, control API usage, and collaborate with a global developer community to build the future of connectivity.
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API is the acronym for Application Programming Interface. This is a software intermediary which enables two applications to communicate with one another. Every time that someone uses an app like Facebook, sends an instant message, or a Tweet, they are using an API.
RapidAPI states that it was established “by developers for developers so they could have one place to access APIs and Microservices and build applications more efficiently and easily.” Today, RapidAPI says that it is the world’s largest API Marketplace where over 1 million developers can “find, test, and connect to tens of thousands of APIs — all with a single account, single API key, and single SDK.”
Raghav Sahgal, President of Cloud and Network Services at Noka, said: “Operators need a bridge to connect to thousands of developers to drive enterprise and consumer value creation and monetize their networks. Rapid’s technology and talented R&D team, together with Nokia, will allow us to bring a robust API infrastructure platform to accelerate network API-related product development and drive adoption across its broad global developer community.”
Marc Friend, CEO of Rapid, said: “We are pleased to join forces with Nokia. The combination of Rapid’s API technology and R&D expertise with Nokia’s scale and network and API domain expertise will enable us to expand the broader API ecosystem.”
