Nov 13 Reuters Nokia said on Wednesday it had bought the world39;s largest application programming interface API hub and marketplace from U.S. company Rapid as it seeks to boost revenues from its 5G and 4G networks.

Like other telecom gear makers, Finland39;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 startup39;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 platform39;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 users39; location or connectivity status.

Nokia did not disclose financial details of the deal.

Reporting by Alessandro Parodi; Editing by Alexander Smith

Source Reuters