Nokia announced on Wednesday (November 13) that it had purchased the world’s largest application programming interface (API) hub and marketplace from American company Rapid in a bid to increase revenue from its 5G and 4G networks.

Like other telecom equipment manufacturers, Finnish Nokia is looking for ways to monetize its 5G equipment or diversify its market, in the hope of attracting investments linked to the rise of artificial intelligence.

Nokia said it would own the US tech startup’s technology and R&D unit as part of the deal, allowing its customers to integrate their networks, control their use of APIs and collaborate with the platform’s developer base.

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

Their use on advanced 5G networks enables faster, safer and more accurate access to data such as a user’s location or connectivity status.

Nokia did not disclose financial details of the deal. REUTERS