Nokia acquired the world's largest Application Programming Interface (API) hub and marketplace from the U.S. company Rapid to enhance its revenues from 5G and 4G networks. Nokia, like other telecom equipment manufacturers, is seeking ways to monetize its 5G technology and diversify its markets. The company aims to attract investments related to the growing field of artificial intelligence.

Nokia announced that it will acquire the technology and research development unit of the U.S. tech start-up. This will allow its clients to integrate their networks, manage their API usage, and collaborate with the platform’s developer community. APIs are strings of code that facilitate standardized communication, data exchange, and functionality between software components. When used on advanced 5G networks, APIs provide faster, safer, and more accurate access to data, such as a user's location or connectivity status. Nokia did not disclose the financial details of the deal.