Japan-based SoftBank plans to acquire a 50.1 per cent stake in the Japanese subsidiary of Encored, a provider of IoT services for the energy sector.

SoftBank entered into a definitive agreement to invest in Encored, which will change its name to Encored Japan on 1 August. SoftBank will acquire Encored’s new shares through a third-party share issuance by the end of July.

The company will also invest an undisclosed amount in Encored USA. Its platform Enertalk offers analysis of real-time energy data with its own IoT devices to about 100,000 households worldwide.

Encored’s IoT service uses big data analysis and predictive technologies to monitor and find patterns in energy usage. Encored Japan will work with business partners to develop services such as energy management assistance, diagnosis for energy efficiency of home appliances and monitored security systems for the elderly, SoftBank said in a statement.

Ken Miyauchi, president and CEO of SoftBank, said Encored technologies will be indispensable to providing new energy IoT services and will create new value by fusing energy and internet communication.

“I believe that the more our business partners adopt Encored Japan’s platform service operated by its own AI technologies, the more SoftBank and Encored can promote various energy services in Japan and enrich people’s lives,” he said.