The UK-based IoT connectivity platform provider is looking for élan and style by acquiring a French company.
The Internet of Things industry has experienced a bullish run in recent years, which has resulted in heavy financial investments from many companies around the world.
Hoping to further establish itself as one of the key players in the IoT industry, UK-based IoT connectivity platform provider Wireless Logic has announced the acquisition of French vendor IoTthink solutions for an undisclosed sum. This announcement comes four months after Wireless Logic announced the acquisition of two IoT connectivity platforms: Mobius Networks and Jola.
This acquisition is focused on leveraging IoTthink’s IoT solutions to create more capabilities for Wireless Logic customers who need ways to control connected devices, analyze data and monitor fleets.
Prior to this acquisition, IoTthink provided users with its Kheiron IoT Suite, which helped them build IoT platforms. The tool is used by 6,000 “professionals” and offers low-code development, with digital twin capabilities and over 500 pre-integrated devices.
As Encyclopaedia Britannica points out, the name Kheiron (also known as Chiron) comes from Greek mythology, Kheiron was one of the Centaurs and was known for his wisdom and knowledge of medicine.
With offices in several European territories and China, and a customer base spanning various industries such as healthcare, utilities and smart cities, transportation, security and agriculture, Wireless Logic hopes to achieve legendary status and pave the way for greater efficiency in IoT development, automation and management through this acquisition.
The bigger picture
As many companies do with such deals, they talked about synergy and business expansion goals, but didn’t share details about any job changes.
It’s not clear if any job cuts will be made as part of the acquisition, but Julien Dalmasso, co-founder and CEO of IoTthink Solutions, notes, “We are all very excited about the prospect of what we can accomplish as part of the group. ”
According to its LinkedIn page, Nice-based IoTthink Solutions has 20 employees.
In terms of the bigger picture, recent survey by Statista revealed that the global IoT market was worth approximately $182 billion worldwide in 2020 and is expected to rise above $621 billion by 2030, tripling revenue in a decade. These numbers come as no surprise when you consider the increasing number of IoT use cases across industries and the growing number of acquisitions, mergers and financing deals in the IoT industry.
In August of this year, chipmaker Semtech announced the acquisition of IoT specialist Sierra Wireless for $1.2 billion. A few months ago Telit, a provider in the IoT market, announced the acquisition of Thales, a provider in the fields of aerospace, defense, security and digital identity.
Moreover, financing agreements are on the rise in the IoT industry. IoT developer Helium Systems recently secured a $200 million financing deal. Earlier this year, Eigencomm, a China-based IoT chip startup, closed a $156.8 million deal to boost its mobile IoT chips. Similarly, Wireless Logic also enjoys the financial backing of Montagu Private Equity, enabling it to aim for broader expansion of the IoT market through acquisitions.
With these recent acquisitions, Wireless Logic’s chances to compete with other IoT heavyweights such as Verizon Managed IoT Connectivity Services, Orange Business Services Managed IoT Connectivity Services and Vodafone Managed IoT Connectivity Services may have been boosted.
Myths and centaurs may be of interest to some readers, but the theme of the Internet of Things is all so real. Read more about this topic with a Cheat sheet, three low-cost steps to secure IoTand how IoT and edge computing can work together.
