UK based ARM Holdings has confirmed the Japanese multinational telecom & internal corporation SoftBank is buying the chip designer for £24.3 Billion. In an announcement earlier today, SoftBank has committed to at least double the workforce in the UK office as well as add employees elsewhere over the next 5 years.
This acquisition and expansion is a significant investment in the future of IoT (Internet of Things). ARM’s mobile chips and processors are used in an array of connected devices, including Apple products. SoftBank is most interested in ARM capabilities in the IoT space.
“ARM will be an excellent strategic fit within the SoftBank group as we invest to capture the very significant opportunities provided by the ‘Internet of Things,’” Said SoftBank Chief Executive Masayoshi Son. “This is one of the most important acquisitions we have ever made, and I expect ARM to be a key pillar of SoftBank’s growth strategy going forward.”