IoT network operator Sigfox has acknowledged in a press statement that it was facing financial difficulties and announcing that it has started insolvency proceedings in France. As reported by Le Figaro, the commercial court of Toulouse will oversee the proceedings over the next six months, with the aim to put in place an asset disposal plan. The company said that it was looking for buyers to ensure its long-term future and safeguard employment.
The statement explains that Sigfox’s financial performance deteriorated significantly over the past two years because of the pandemic crisis, which triggered a slowdown in business activity and supply issues for electronic components.
The administrator CBF Associes has set a preliminary deadline of 25 February for offers for Sigfox's assets. A dataroom is available to assess the state of the operations, with figures showing the group's losses swelled to over EUR 90 million in 2020, on revenue down to EUR 24 million.
