Terms of the deal are not being disclosed in the official announcement. Rapid was once valued at $1 billion and counted as many as 4 million users tapping into some 40,000 APIs. The companies are not disclosing Rapid’s active users as of today except to note that it is a number in the thousands, and that APIs are in the hundreds. As Nokia is publicly traded, more financial details may come through in a future filing.

The landscape for technology has shifted drastically over the last couple of years, and many later-stage startups have found it challenging to meet the lofty forecasts they had set while raising big funding rounds in more buoyant years. (Rapid’s $1 billion valuation was based on a funding round from 2022.)