Nokia buys world's largest API hub from Rapid to cash in on 5G

Nokia said on Wednesday it had bought the world's largest application programming interface (API) hub and marketplace from US company Rapid as it seeks to boost revenues from its 5G and 4G networks.

Like other telecom gear makers, Finland's Nokia has been looking for ways to monetise its 5G equipment or diversify its market, as it hopes to attract investments linked to the rise of artificial intelligence.

Nokia said it will own the U.S. tech start-up's technology and research and development unit under the deal, enabling its clients to integrate their networks, control their API usage and collaborate with the platform's developer base.

API are strings of code which enable standardized communication, exchange of data and functionality between software components.

Their use on advanced 5G networks provides faster, safer and more accurate access to data such as a users' location or connectivity status.

Nokia did not disclose financial details of the deal.