Vodafone and Sumitomo Corporation announced a 80-20 joint venture to drive the development of the Economy of Things.
Vodafone will transfer its Economy of Things platform, called Digital Asset Broker (DAB), as well as intellectual property, contracts, technology and software, into the new business.

Sumitomo will invest in the business and work with Vodafone to attract additional investors, partners, and customers.

Vodafone and Sumitomo aim to rollout the DAB platform in phases, initially targeting the automotive and transport sectors in Germany and the UK, and then other European countries and North America at a later date.

The two companies will also look at forming a partnership with Sumitomo Corporation Group company SCSK Corporation to establish a presence in the Asian market, including Japan, with a long-term vision of entering the smart city business.