Prior to his ordainment in February, Barry Napier, CEO of Cubic Telecom, hadn’t been given any accolades since 1983, which was for traffic safety. He humorously recollects being a third-grade student at CBC Monkstown, where he won a £25 voucher for his imaginative drawing of Denis the Menace urging people not to cause trouble on the roads. His fellow student, Evan O’Reilly, also received a voucher. Napier exclaimed that it felt gratifying to be distinguished once more after this span.
Napier’s accolade was for his instrumental role in expanding Cubic into a ‘unicorn’ – a term in the technological industry for a company valued at over $1 billion- and facilitating the disposal of a majority (51%) of the company shares to SoftBank, the Japanese financial behemoth, at a remarkable €473 million. Napier walked away with an estimated €130 million, maintaining a 12.5% interest in the company.
Cubic is a competent provider of telematics for cars, offering the ‘conduit from the vehicle to the mobile mast and back to the car manufacturer’s IT infrastructure’, subsequently overseeing the vehicle throughout its lifecycle. It delivers this tech solution to a significant 10-12% of connected vehicles worldwide, reveals Napier.
The home base of Cubic is it’s website which shows that it currently has 18 million devices interlinked, is managing around one billion data transmissions every day, operates with a team of over 300 individuals, and has a presence in an astounding 190 countries.
Almost 200 employees profited generously from the SoftBank deal, with a total of €75 million divided amongst them. Large stakeholders like Volkswagen, its subsidiary Cariad, and Qualcomm, chose to keep their investments intact in Cubic which demonstrates their faith in its future prospects. Napier continues to hold his position at the helm of the company.
In 2008-09, Napier took the leap of faith to become an investor in Cubic when it only boasted four staff members. The groundwork for the company was indeed set by Pat Phelan, an innovative businessman from Cork, who dreamt of ousting the concept of roaming charges for mobile telephony.
Reflecting on his journey, Barry Napier recalled that the idea of eliminating roaming came up as a challenge unless one had ownership of a mobile network and its affiliated radio access, something the team didn’t initially have. However, under the leadership of Pat, the team was efficiently run. They realised their collective goal was to create a connectivity platform. Their experience as distributors for Apple, Nokia, and Samsung in Ireland provided them with valuable insights into how large-scale distribution worked. This expertise was utilised to introduce widespread connectivity, thus resolving numerous issues.
Previously, Napier had managed the distribution channels for respected tech giants like Apple, Samsung, and Nokia in Ireland. From its humble beginnings in 1999-2000, under Napier’s leadership, this enterprise saw a significant increase in earnings reaching €155 million per annum by 2008. This propelled them into the league of top 250 revenue-generating companies in Ireland. Owing to their global presence and understanding of varied markets, they could successfully turn over good profits, some of which was then invested in Cubic.
During his initial years, Napier recounted how a distributor offered him a job when he was in his late teens. This marked Napier’s entry into the mobile phone industry and the broader technology sector. His prior job at a company specialising in rubber stamps, Bolton & Co, revealed the profitable prospects in graphic design. They had embarked on jobs for clients like Paddy McKillen for Captain Americas.
Napier’s path to success was diverse and full of precious learning experiences, notwithstanding his academic struggles with physics during his Leaving Cert. He attributed his foray into phone distribution to a fortuitous incident when a mobile phone he purchased malfunctioned and the vendor introduced him to the distributor.
The conversation that led to his job offer at distributor MCJ in Naas went something like this: “It’s impossible to promote these products without complete commitment,” he recalls, though the discussion was likely far more frank.
His career journey continued, moving on to Sigma Wireless where he collaborated with Tony Boyle and Des Crotty. After four years there, he launched his own venture, co-establishing Celtic Telecom Consultants.
Later, he spearheaded the purchase of a division of Brightpoint Inc, a Nasdaq-listed company (also known as Brightpoint Ireland), in late 2003. Under his direction, the company grew from having 15 employees and $35 million annual revenue to over 80 staff and $200 million earnings by 2009. “That was truly incredible,” he reflects.
Born in Limerick, Napier’s dad was an engineer, while his mum was a homemaker. His mother passed away young, at 42 in 1986. Subsequently, his father decided to shift him and his older sister Gwen to Chicago under a green card visa, living there for two years. Napier reminisces, “After two years, Dad decided it wasn’t quite right for us and suggested we move back. Those daily commutes to school on the distinctive yellow bus in Chicago, experiencing severe heat and cold are memories I cherish.”
A difference of preference saw Napier, who was 14 then, longing to go back to Limerick while his father favoured Dublin. The result was Napier living with his grandmother in Limerick for a year before rejoining his father and sister.
After his father remarried, the family grew with the addition of two new sisters. Napier describes his upbringing as rooted in strong family values, effort and laughter.
He attributes an unexpected meeting with Elon Musk during the 2013 Web Summit in Dublin as an epiphany moment for him and his business.
As a passenger in a vehicle, he noticed a blue Tesla with English number plates next to him whilst on a call with a representative from Nokia. This observation sparked a conversation about Tesla cars being network-connected. A few months of research later, they were introduced to Tesla and in April 2014 they had the privilege of inaugurating Tesla in China on stage with Elon Musk. The Chinese and Hong Kong market was now accessible for them.
Following the import of the vehicles from the United States, Cubic was tasked with linking Tesla cars to Chinese mobile networks. This Tesla deal propelled Cubic into the sight of other automobile manufacturers with companies such as Volkswagen and Audi approaching them for vehicular connectivity solution. Following an investment of €15 million from Audi, Cubic was able to provide them with connectivity in 13 different markets, marking a period of growth for the company.
2016 saw Cubic connecting up to 120,000 cars annually, making the Irish firm noticeable to mobile carriers. By 2018, Cubic had gained around 40 to 50 partnerships with mobile operators, establishing their strong presence in the market.
Currently, Cubic is in partnership with a hundred mobile operator partners, dominated by tier-one operators according to Napier. However, due to regulation changes in China in 2018, Tesla no longer partners with Cubic.
Napier recalls his meetings with Elon Musk, describing him as intensely serious and constantly thinking, particularly adept at rapidly resolving complex situations. Cubic currently maintains a relationship or is in discussions with one third of major global car manufacturers, and are striving, through their partnership with SoftBank, to increase this proportion to 50%. Napier, however, acknowledges that it can take three to five years to seal a car manufacturer partnership agreement.
Napier’s professional background indicates a robust entrepreneurial spirit, a strong work ethic, a knack for generating ideas, a knack for sales, and untiring determination. As he succinctly puts it, once he makes an entry, there’s no stopping him. His experience at Cubic has taught him the importance of hiring individuals smarter than himself and providing them with the opportunity to excel.
Napier dons the role of the “Coffee and Entertainment Officer”, ensuring that the engineers and other industry experts have the room they need to carry out their responsibilities effectively.
Napier has his eyes set on the future and seeks to escalate the percentage of globally connected smart vehicles his company manages to 25%. With last year’s revenue at approximately $70 million, he aims to exceed the $100 million mark this year.
He envisions a future where our cars are equipped with advanced technology, making them akin to a smartphone on wheels. As discussions about autonomous cars gain momentum, Napier believes that adapting and acquainting ourselves with the on-demand market these vehicles might create is crucial.
However, on the home front, Napier has made up his mind not to establish a family office to manage and invest the substantial returns he has reaped from his alliance with SoftBank. Instead, his ambition is to tap into SoftBank’s vast resources to accelerate his business.
Napier is inspired by the synergy between the Eastern and Western cultures that this collaboration represents. With SoftBank’s investment in over 400 tech companies under its belt, he has access to a diverse tech environment at his disposal covering areas from payments to cybersecurity. This, he believes, presents incredible opportunities to build a formidable ecosystem.
Rewritten Text: Barry Napier, the chief executive at Cubic Telecom, insists that he and his friends are just everyday people who value their relationships above all else. Leading a true team player’s life, he reveals that he still holds a 12.5% stake in the company and aims to grow its value, considering the interests of all shareholders. Barry believes that steering clear of distractions such as setting up a family office and venturing into property markets paves the way for focusing on what he does best. His passion for innovation and problem-solving fuels his work in the company. Excitedly, he shares that the real fun is about to begin.
Celebrating his 50th birthday in July, Barry resides in Enniskerry, County Wicklow. With a deep-rooted love for technology, it’s hardly surprising that the first major purchase he made was a Dyson Hoover costing €840, after receiving a hefty investment from SoftBank. This purchase, much to his family’s amusement, showcases a rare instance where he decided to splurge.
Expressing his own evolution as a leader over the years, Barry candidly explains how he has significantly adjusted his leadership style. Admitting that he was quite challenging a decade ago and even slightly difficult half that time later, he now feels more at peace with himself. He attributes this to the presence of skilled experts in his team, acknowledging that it is crucial for him to not obstruct their progress.