Unabiz, the Singapore-based IoT solutions provider and operator of the Sigfox network, has filed for judicial reorganization (redressement judiciaire) for its French subsidiaries, Unabiz Network SAS and Unabiz SAS.
The move, approved by the Commercial Court of Toulouse, grants the company a six-month protection period to restructure €5 million in debt, safeguard jobs, and ensure business continuity.
A Strategic Step to Stabilize Operations
The decision comes as Unabiz faces mounting financial pressures in France, the birthplace of Sigfox’s ultra-narrowband IoT technology. Philippe Chiu, CEO and co-founder of Unabiz, described the filing as a “responsible step to stabilize our operations in France and create the necessary conditions for restructuring our business”. The court-appointed process will allow Unabiz to optimize costs, refocus its French operations, and access new financing with super-priority guarantees.
Despite the challenges, Unabiz has emphasized that its global IoT operations remain unaffected. The company, which acquired Sigfox in 2022, has preserved 110 jobs out of the original 174 and expects to maintain its current headcount, even as some roles may evolve during the restructuring.
Focus on Innovation and Growth
Unabiz has made significant strides since taking over Sigfox, with global IoT connections increasing by 66% (from nine million to 15 million) and sales jumping by 150% (from €12 million to €30 million). The company has invested €36 million in Sigfox since 2022, underscoring its commitment to innovation and long-term growth.
The judicial reorganization process will be closely monitored by a court-appointed receiver and bankruptcy judge. Unabiz has reiterated that it is not seeking to sell its French operations but aims to reorganize and continue its expansion in the IoT market.
What’s Next?
Over the next six months, Unabiz will work to renegotiate with creditors, streamline operations, and secure new financing. The company remains optimistic about its future, with new contracts and solutions in the pipeline. As Philippe Chiu noted, “Innovation takes time,” a sentiment that resonates in the evolving IoT landscape.
For now, the focus is on ensuring stability and positioning Unabiz for sustainable growth in France and beyond.
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