UK-based IoT connectivity platform provider seeks élan and style by snapping up French firm.
The Internet of Things industry has witnessed a bullish run in recent years, leading to heavy financial investments from many companies worldwide.
Hoping to further stamp itself as one of the key players in the IoT industry, UK-based IoT connectivity platform provider Wireless Logic has announced its acquisition of French vendor IoThink solutions for an undisclosed fee. This announcement comes four months after Wireless Logic announced the takeover of two IoT connectivity platforms – Mobius Networks and Jola.
This acquisition is focused on leveraging IoThink’s IoT solutions to create more opportunities for Wireless Logic customers who need ways to control connected devices, analyze data and monitor fleets.
Before this acquisition, IoThink provided users with its Kheiron IoT Suite, which helped them build IoT platforms. The tool is used by 6,000 “professionals” and provides low-code development, with digital twin capabilities and over 500 pre-integrated devices.
As Encyclopaedia Britannica points out, the name of Kheiron (aka Chiron) is from Greek mythology, Kheiron was one of the Centaurs, and was famous for his wisdom and knowledge of medicine.
With locations in various European territories and China, and a customer base that spans several sectors such as healthcare, utilities and smart cities, transportation, security and agriculture, Wireless Logic will be hoping to achieve legendary status and pave the way for more 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 specifics about any job changes.
It’s not clear if there are any job cuts as part of the acquisition, but Julien Dalmasso, Co-founder and CEO at IoThink Solutions, comments, “We are all very excited at the prospect of what we can achieve as part of the group.”
According to its LinkedIn page, Nice-based IoThink Solutions has 20 employees.
In terms of the bigger picture, recent research by Statista revealed that the global IoT market worldwide was worth around $182 billion in 2020, and is expected to rise above $621 billion in 2030, tripling its revenue in ten years. These numbers come as no surprise when one considers the increasing number of IoT use cases across several industries and the growing number of acquisitions, mergers and funding deals in the IoT Industry.
For instance, Chipmaker Semtech announced the acquisition of IoT specialist Sierra Wireless for $1.2 billion in August this year. A few months ago, Telit, a provider in the IoT market, announced the acquisition of Thales, a provider in aerospace, defence, security and digital identity.
Furthermore, funding deals have been on the rise in the IoT industry. IoT developer Helium Systems recently secured $200 million in a funding deal. Early this year, Eigencomm, a China-based IoT chip startup, bagged a $156.8 million deal to boost its cellular IoT chips. Similarly, Wireless Logic also enjoys the financial backing of Montagu Private Equity which enables it to push for wider IoT market expansion through acquisitions.
With these recent acquisitions, Wireless Logic’s chances of competing with other IoT heavyweights like Verizon Managed IoT Connectivity Services, Orange Business Services Managed IoT Connectivity Services and Vodafone Managed IoT Connectivity Services may have received a boost.
Myths and centaurs are perhaps interesting to some readers, but the theme of IoT is all so real. Read more on this subject with a cheat sheet, three inexpensive steps to secure IoT, and how IoT and edge computing can work together.