This Research Note examines the Netmore Group, a Swedish IoT network operator focusing on its smart buildings strategy and acquisitive growth ambitions, culminating with the latest acquisition of French LPWAN network operator, Actility. Netmore Profile Founded in 2010 in Stockholm, Sweden, Netmore Group is an IoT operator that connects properties, offers private and open 5G networks, and enables massive IoT connectivity by rolling out Low Power Wide Area Network (LPWAN) infrastructure. The group operates in 18 countries and has been backed by Nordic infrastructure investor, Polar Structure, since 2024 when it acquired 90% of the shares. LinkedIn reports 158 employees, with a 7% headcount growth in the last 12 months. The company’s business model is built on growing recurring revenue streams from subscription and service fees in three business areas: utilities, energy monitoring, and track & trace segments. Smart Buildings Strategy Netmore positions itself as an enabler of energy efficient real estate and large-scale IoT […]