InCoax – Gigabit speed at 20% of the cost of fiber

InCoax develops innovative solutions for broadband access with Gigabit speed. It provides the next generation sustainable network products and solutions to the world's leading providers of telecom and broadband services.

Note: The offer is aimed at the public in Sweden and Finland. This material does not constitute an offer or a solicitation of an offer to acquire any shares outside Finland or Sweden. The memorandum is available only in Swedish, a short teaser is provided in English and in Swedish. Please base your investment decision to the memorandum as a whole.

Über uns

InCoax in short

InCoax develops innovative solutions for broadband access with Gigabit-speed. The company provides the next generation smart and sustainable network products and solutions to the world's leading providers of telecom and broadband services. InCoax was founded in 2009 and is today the first company in the world to develop products and solutions for broadband access over coaxial networks based on MoCA Access™.

InCoax has since 2016 been a front runner in the development of the MoCA Access™ 2.5 standard and is today an active member of the Board of Multimedia over Coax Alliance (MoCA®) and the company's new product generation, In:xtnd™, is built on this standard through which broadband with Gigabit-speed is possible. MoCA Access™ is a multi-family home standard based on the established and robust standard MoCA for home network, where over 270 million units have been delivered. An operator with In:xtnd™ can offer its customers the same performance as fiber, at a fraction of the cost.

InCoax has previously used a broadband solution consisting of a CLC-system and modem, primarily aimed at hospitality customers (such as hotels), but has developed a new broadband solution that broadens the customer base. The newly developed broadband solution, consisting of both hardware and software, includes three main system components:

  • In:xtnd™ Control.
  • In:xtnd™ Access.
  • In:xtnd™ Manage.

The company's operations in Sweden are focused in Gävle and Malmö, with about 30 employees including consultants. InCoax addresses three different customer groups:

  • Cable TV operators.
  • Telecom and fiber operators.
  • Hospitality customers.

The company believes that the future 5G expansion is not a threat, rather an opportunity. A rapid expansion of the 5G network will not replace fixed networks, but accelerate the deployment of the them, creating opportunities for InCoax. The telecom industry drives Fixed-Mobile Convergence, where it strives to use fixed and mobile networks more integrated and efficiently.

Statement from the CEO

InCoax is now facing the commercialisation of our new product generation, In:xtnd™, consisting of both hardware and software, which enables broadband with Gigabit-speed in the existing coaxial network in apartments to the same quality that a pure fiber solution can offer, but at considerably lower cost.

To manage the upcoming growth, we have successively expanded the management team in recent years and also employed additional key personnel with broad competence in project management, product launch, sales and R & D.

We launched our In:xtnd™ solution in June 2018 at the major cable TV fair Anga Com in Cologne, with much interest from leading cable operators. Since the fair, we have been contacted by many potential customers and partners who demand additional product demonstrations. In the fall we have demonstrated our solution In:xtnd™ at three different fairs, the International Broadcasting Convention (IBC) in Amsterdam, the Broadband World Forum (BBWF) in Berlin and the Cable Tech Expo (SCTE) in Atlanta, with great interest from, among others, telecom and fiber operators, cable TV operators and system integrators. What we noticed during and after these fairs in the autumn is that the interest of large operators has grown significantly compared to the previous one. We currently have 14 potential customers who evaluate and test our solutions. The next step in the dialogues is to sign LOI:s with these companies. The initial volumes discussed vary between 1,000 and 100,000 apartments depending on the customer. Following a potential LOI, the evaluation of the company's solution would continue in larger tests in both lab environment and outside apartments, a step towards final orders.

We have deliberately chosen to initially focus on Germany and Switzerland, among others, with many small- and medium-sized cable TV operators, city network operators and system integrators, who generally have shorter lead times from discussion, testing, agreement and rollout. Although InCoax initially focuses on small- and medium-sized operators, we also have discussions with a number of major operators, tier-1 operators. Some of these have already visited us in Gävle to evaluate our solution and we hope to enter into cooperation agreements with even more players in the market. In addition, In:xtnd™ has been demonstrated in the United States for one of the largest broadband operators in the US market with positive outcomes and they want to move on with the evaluation, which in the next step involves lab tests.

During my time as CEO, we have also built closer ties with our main supplier, MaxLinear Inc., who is the world leader in the manufacture of chipsets. Since the turn of the year, MaxLinear Inc. has developed necessary software for its chipset in close cooperation with us. This collaboration has enabled InCoax to launch our unique solution, which is a disruptive technology in the market, and as the first company in the world to present a 2.5 Gbps broadband solution over existing coaxial networks based on the new MoCA Access ™ 2.5 standard. We have also attended fairs together with MaxLinear Inc., such as IBC. Following the positive outcome at this fair, MaxLinear Inc. has invited InCoax to more fairs where we together exhibit our In:xtnd ™ solution.

Our goal is to build a world-leading company. We are in an interesting position with clear value creation activities ahead of us and through the offer and listing on Nasdaq First North, we are able to ensure the funding for the commercialisation of In:xtnd ™ so that we can take advantage of our first-mover advantage while broadening our shareholder base, increase our credibility to customers and suppliers, become a more attractive employer and increase visibility for InCoax.

Welcome as a shareholder in InCoax Networks AB!

- Peter Carlsson, CEO

The solution

In order to offer Gigabit-speed in coaxial networks, there must be fiber in the street outside the apartment buildings. The incoming signal, via fiber, is received by In:xtnd™ Control that contains the software In:xtnd™ Manage. The signal then goes through a diplexer to the antenna terminal of the apartments over the existing coaxial cables, where an In:xtnd™ Access is plugged in and creates a functional broadband connection. This broadband connection can currently reach Internet speeds of up to 2.5 Gbps downstream and 2.0 Gbps upstream. The products are designed to require only a short and easy installation before a functional broadband connection can be achieved, this to facilitate the customer.

The company's products are designed to be used in conjunction with other technologies and are based on the use of existing coaxial cables, which are factors that help create a competitive offer to customers. The MoCA Access™ 2.5 solution can coexist in parallel with other technologies, such as DOCSIS, which is a great advantage for MoCA® players like InCoax.


Up to 500 million apartments in e.g. the EU, China and the United States need to be upgraded to meet the strategic goals regarding Internet speed set, according to the company's assessment. Most of these apartments already have coaxial cables, which are capable of delivering Internet speeds up to 100 Gbps with future technology development. This means that the Gigabit speed can be delivered to existing coaxial cables without the need for fiber to be installed in the apartments.

Due to the high costs of expanding fiber-to-the-home (FTTH) for primarily multi-family houses, in several major economies in the EU, such as UK, Germany, Italy and Poland, there is a huge potential for cost savings using InCoax’s In:xtnd™. Considering the number of households that need access to Gigabit-speed Internet connection in the future, the company estimates that the market will host an annual value of EUR 10-60 billion depending on the technology used.

Due to the low expansion of FTTH in most major economies in the EU, the company sees great potential for its products, primarily in e.g. UK, Germany, Switzerland and the Netherlands, but also in other markets such as the United States.


Memorandum in Swedish can be found below as an attachment to this material. Please base your investment decision to the memorandum as a whole.