Net Insight signs agreement worth SEK 220 million with Türk Telekom in synchronization
Stockholm, Sweden – Net Insight has signed a collaboration agreement with Turkish telecom operator Türk Telekom relating to 5G synchronization. The agreement is the first of its kind for Net Insight, and opens up a big new market. Within the framework of the collaboration agreement, SEK 55 million relates to product development, and around SEK 25 million will be an initial order with product delivery starting this year. With the agreement, Net Insight once again demonstrates the ability to commercialize its technical excellence.
Under the agreement, which is worth SEK 220 million, Net Insight is initially provided SEK 55 million for product development, as well as an initial order worth SEK 25 million for existing products with delivery starting this year. The remaining orders for an entirely new product for 5G will be delivered towards the end of 2023, with delivery completed in 2026. The solution offers unique advantages as it is independent of GPS and can provide time synchronization over existing networks. 5G rollouts can therefore be done without replacing or upgrading existing nodes in the networks, which reduces operator costs significantly.
“This is our single biggest order ever and an important milestone in the company’s history. We are creating a new business offering with a new product selected by one of Europe’s biggest telecom operators. There is a large total market for 5G synchronization with an estimated future annual value of over USD 1 Bn,” commented Crister Fritzson, CEO of Net Insight.
“We see considerable market potential for this innovative solution which will reduce costs and speed up the roll-out of 5G for mobile operators globally. As Türk Telekom, we work hard with the responsibility of leading Turkey’s digital transformation and shaping the future with 5G and new generation technologies. We take an active role in drawing the 5G roadmap in the global arena with our pioneering R&D studies, products and tests for 5G worldwide. This important collaboration agreement with Net Insight fits well with our strategy to innovate and bring new technology to the world,” commented Ümit Önal, CEO of Türk Telekom.
Net Insight will develop the product on the foundation of the company’s core technology, competencies and experience in time synchronization, and combined with Türk Telekom’s expertise and technology adapt it for 5G and future synchronization requirements.
“Once again, we prove our strong ability to transform cutting-edge technology into attractive global products, which is based on our deep technical competence and our knowledge of the market and customer requirements,” says Crister Fritzson, CEO of Net Insight.
Extending the operations with a new offering strengthens the company and opens up new markets for Net Insight. Certain resources will be shared, such as administration, logistics and support functions.
“Net Insight has had a long and rewarding collaboration with Türk Telekom, which has been key to developing the technology and adapting it to mobile operator networks. The collaboration with Türk Telekom enables us to broaden the scope of our business in an area where we have core competencies, time synchronization, and this agreement confirms the technology,” commented Crister Fritzson, CEO of Net Insight.
The solution can be used for synchronization on other markets, but the primary focus is now on 5G.
Invitation to conference call with web presentation
Net Insight will hold a webcast teleconference on November 2nd, 2021 at 8:30 CET. Please visit the Net Insight website for link and dial in details.
The conference call is mainly targeted to analysts, institutional investors and media.