SoftBank has reached an agreement to acquire the entire share capital of UK-based chip design house ARM for approximately US$31.0 billion, reported the Wall Street Journal on July 18. SoftBank, one of the major telecommunications conglomerates in Japan, has invested across Asia and the United States,  and the acquisition marks a "paradigm shift" at the company to tap into the great potential of IoT (Internet of Things), which utilizes the computing technology to connect daily items. ARM's recent business focus has diversified into networking industry, such as chips for routers and other devices. The company aims to increase its market share from 15% to 45% by 2020. After the acquisition, SoftBank plans to double the size of ARM's British workforce over the next five years.