Telefonica to invest USD 200 mln in new innovation platform

News General Global 18 MEI 2015
Telefonica to invest USD 200 mln in new innovation platform

Telefonica and seed investor Coral Group have joined forces to create an investment platform aimed at accelerating the development of innovative products and initiatives for the operator’s customers in Europe and Latin America. Under the terms of the strategic partnership Telefonica will invest USD 200 million in Coral’s Communications Investment Platform (CIP) via its Open Future programme. Telefonica said its investment in CIP would help it to form "innovation factories" to accelerate the creation of new and disruptive technologies for its 320 million customers.

The partners added that they are looking to expand the reach of the CIP with up to four additional communication service providers around the world, ultimately investing up to USD 1 billion in new technologies and services to reach 1-2 billion customers. Telefonica said it hoped to use the partnership to enhance the return on its future capital investments (over USD 7.5 billion in 2014), helping to transform the company into a leader in areas such as next generation networks, big data, machine learning and the Internet of Things.

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