M&A advisory for IoT companies
IoT M&A has moved firmly into a consolidation phase. Industrial automation incumbents, telcos with cellular IoT books and PE-backed platforms in connected devices and asset tracking are the most consistent acquirers, absorbing point-solution hardware vendors and vertical applications into broader platforms. Buyers underwrite on recurring connectivity and software revenue, the quality of the device installed base, and the durability of customer contracts rather than device economics in isolation.
The most consistent strategic buyers are the industrial automation and connected-device incumbents, including Cisco, Honeywell, Siemens, Schneider Electric, Bosch, ABB, Itron and Hitachi, alongside the telcos building out cellular IoT, including Verizon, AT&T, Vodafone and T-Mobile. PE-backed platforms in asset tracking, smart building and fleet telematics round out the buyer set. Flow has direct access to these acquirers and runs strategics and sponsors in parallel where both make sense, with diligence framed around hardware-versus-recurring revenue mix, gross margin durability, customer concentration, and integration risk on the device fleet.
Flow team has relevant sector experience and has worked with IoT companies across industrial and asset-tracking platforms, cellular and LPWAN connectivity providers, smart building and energy monitoring, fleet telematics, and consumer connected devices.
"IoT" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing IoT M&A targets
Devices connected
Active installed base
ARPU per device
Recurring revenue %
Hardware gross margin
Software / connectivity gross margin
Net revenue retention
Device churn
Attach rate (software to hardware)
Deferred connectivity revenue
Inventory days
Warranty / replacement reserve
IoT valuations in May 2026
Public IoT comps trade at 3.0x EV/Revenue. Median revenue multiple across IoT M&A deals was 2.2x in the last 12 months.
3.0x
Median EV/Revenue as of May 2026 for public IoT companies
3.9x
Johnson Controls is the highest valued public IoT company based on EV/Revenue (excluding outliers)
2.2x
Median EV/Revenue across IoT M&A deals in the last 12 months
9.8x
Median EV/Revenue across IoT VC rounds in the last 12 months
Key recent IoT M&A deals
$1.2B acquisition of SingAuto by Blueport Acquisition was the largest IoT M&A transaction completed in the last year.
See all IoT M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Apr-26 | SingAuto |  | SingAuto is a Singapore-headquartered developer of new-energy intelligent refrigerated vehicles for last-mile logistics. It integrates aided driving, IoT sensors, and full-stack software for temperature-controlled transport, building an ecosystem for commercial fleets. | Blueport Acquisition | $1.2B | - | |
Apr-26 | Blackline Safety |  | Blackline Safety Corp is a connected safety monitoring technology company. The company develops, manufactures, and markets products and services that empower businesses with real-time safety insights to manage emergency responses, evacuations, and gas detection compliance programs. Its operating segments include the Product segment and the Service segment which generates the majority of the revenue for the company. Service revenues relate to connectivity, monitoring and data services that it provides to the customers of its safety devices and includes access to the Blackline Safety Cloud, compliance and analytics reports, SOC monitoring, two-way voice functionality and push to talk capability. Geographically, it derives revenue from Canada, Europe, United States and Rest of the World. | Francisco Partners | $850M | 5.6x | |
Feb-26 | Kore Group |  | Kore Group Holdings Inc provides Internet of Things (IoT) solutions and services. In addition to providing critical services to customers globally, it enables them to manage, deploy, and scale their IoT applications and use cases. It offers connectivity services, location-based services, device solutions, and managed and professional services for the development and support of IoT technology for the Machine-to-Machine market. It derives revenue from IoT Connectivity services, IoT Solutions services, SIMs (IoT Connectivity), and IoT devices (IoT Solutions). Geographically, the company generates the majority of its revenue from the United States and the rest from other countries. | Searchlight Capital Partners | $726M | 2.5x | |
Nov-25 | PTC (ThingWorx units) | | - | TPG | $600M | 3.0x | |
Dec-25 | Tenna | | Tenna provides software and GPS-based asset tracking solutions that monitor location, usage, service history, and maintenance for equipment. | Deere | $440M | - | |
Jul-25 | Cynerio | | Cynerio is a healthcare cybersecurity platform safeguarding medical IoT, clinical, OT, and operational devices. Tampa-headquartered since 2016, its unified system includes Network Detection and Response for Healthcare via deep packet inspection, Medical Device Security with micro-segmentation and patching, and asset inventories for IT/OT/IoMT compliance. Microsoft Sentinel-integrated and MISA member, it topped 2025 KLAS Healthcare IoT Security rankings at 94/100 and earned Frost & Sullivan’s 2025 North American Enabling Technology Leadership Award. Deployments span UK NHS trusts like Barts Health and Cheshire and Merseyside. | Axonius | $250M | - | |
Feb-26 | Origin AI | | Origin AI is a provider of WiFi Sensing technology that transforms standard WiFi signals into sensors for motion detection, presence monitoring, fall detection, and breathing analysis. The Austin-based company delivers AI engines for Internet Service Providers, security systems, and IoT devices. Its solutions operate entirely on device edge hardware with end-to-end encryption and low CPU usage. Origin AI enables non-line-of-sight sensing without wearables through plug-and-play integration into existing WiFi routers and access points worldwide. | ADT | $170M | - | |
Jun-25 | Memfault | | Memfault is a San Francisco-headquartered platform providing firmware management, diagnostics, and remote updates for IoT and consumer electronics devices. Founded in 2016, it serves clients like Bosch, GoPro, and Sonos with an SDK compatible across Bluetooth, Wi-Fi, and USB protocols. The service handles over-the-air deployments and real-time monitoring, enabling hardware teams to prioritize product differentiation amid billions of connected devices worldwide. | Nordic Semiconductor | $120M | - | |
Apr-26 | UDlive |  | UDlive supplies IoT remote sensing equipment as a leading provider in water and flood sectors. Solutions detail network and catchment operations to guide maintenance, optimization, and capital investments. | Badger Meter | $100M | 4.5x | |
Jan-26 | Particle | | Particle is a San Francisco-headquartered and Shenzhen-based IoT platform founded in 2012. It supplies hardware modules, cellular connectivity, device management software, and cloud services for product development. Over 150,000 developers across 170 countries and half of Fortune 500 firms deploy Particle-powered devices. Clients include NASA, SpaceX, Jacuzzi, and Keurig, with accolades from Fast Company in 2015 and IDC MarketScape in 2018. | Digi International | $50M | - | |
Mar-26 | L&T Smart World |  | L&T Smart World supplies IoT applications, big data analytics, cybersecurity measures, data centers, and cloud services. | AMI Paradigm Solutions | $50M | - | |
Sep-25 | S | Skyladder Group |  | Skyladder Group is a provider of AI-driven smart elevator services covering sales, installation, maintenance, repair, renovation, and upgrades. Headquartered in Shenzhen, China, it equips buildings with IoT sensors for predictive maintenance and energy optimization. Skyladder serves 1,000 properties in Asia, integrating with Otis and Schindler systems. | Taoping | $21M | - |
Mar-26 | Fingerprint Cards |  | Fingerprint Cards AB is a Sweden-based company that is principally engaged in offering a broad range of biometric solutions. The company's products include fingerprint touch sensors, fingerprint swipe sensors, fingerprint area sensors, biometric modules, development kits, solutions, and others. The company targets the smartphone/tablet market and vertical markets where it can integrate its products; smartcards, the automotive industry, and the Internet of Things are prioritized markets. on. | Precise Biometrics | $15M | 0.9x | |
Dec-25 | Blickfeld |  | Blickfeld is a Munich-headquartered producer of LiDAR sensors and perception software for autonomous vehicles and smart cities. Founded in 2017, the company uses patented silicon MEMS mirrors and off-the-shelf components to deliver 3D distance measurement in automotive and IoT applications across Europe and North America. | Senstar | $11M | 1.8x | |
Nov-25 | Edwin McAuley Electronic |  | Edwin McAuley Electronic is a Hong Kong-based original design manufacturer established in 1979, specializing in home automation controls for international brand leaders. The company designs and produces smart controls for HVAC, thermostat, irrigation, and water management systems. With manufacturing operations in Dongguan, China, the firm provides IoT design services, product development, cloud-based software integration, and in-house production capabilities from plastic injection through final assembly. | Alltronics Holdings | $11M | 0.4x |
Most active buyers of IoT companies
Netmore, Qualcomm and OptConnect are the most active acquirers of IoT companies in the last three years.
See all IoT acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Netmore | | Netmore is a Stockholm-headquartered provider of private 5G networks and LoRaWAN IoT connectivity for real estate and utilities. Operating since 2010 across Scandinavia and the UK, the company deploys over 1 million LoRaWAN devices in multifamily housing and smart metering. Netmore's Open LoRaWAN Network covers 50 cities, partnering with Tele2 and British Gas for sub-GHz spectrum access. Its 5G slices support industrial automation in ports like Gothenburg, with fiber backhaul ensuring 99.999 percent uptime. | ActilityArson MeteringEverynet+1 | 4 | |
Qualcomm | | Qualcomm develops and licenses wireless technology and designs chips for smartphones. The company's key patents revolve around CDMA and OFDMA technologies, which are standards in wireless communications that are the backbone of all 3G, 4G, and 5G networks. Qualcomm's IP is licensed by virtually all wireless device makers. The firm is also the world's largest wireless chip vendor, supplying nearly every premier handset maker with leading-edge processors. Qualcomm also sells RF-front end modules into smartphones, as well as chips into automotive and Internet of Things markets. | ArduinoEdge ImpulseFoundries.io+2 | 3 | |
OptConnect | | OptConnect is a Salt Lake City-headquartered provider of cellular routers and IoT connectivity solutions for machine-to-machine applications. The company offers managed wireless services including satellite failover for kiosks, vending machines, and remote assets in retail, oilfield, and transit sectors. OptConnect supports LTE, 5G, and multi-carrier SIMs across North America and Europe. | DPLM2M DataglobalCapestone | 2 | |
Nordic Semiconductor |  | Nordic Semiconductor designs Bluetooth Low Energy chips for the wireless industry, making 90% of its revenue from this technology. Nordic’s chips are used in all types of battery-powered devices such as wearables, smarthome applications, asset trackers, and industrial and healthcare markets. In recent years Nordic has also expanded into adjacent technologies such as Wi-Fi, Thread protocol and long-range connectivity. | MemfaultAtlazoNeuton | 2 | |
Wireless Logic | | Wireless Logic is Europe's leading M2M and IoT managed services provider, offering multi-bearer connectivity and value-added services between mobile networks and organizational needs. The company supports secure data transmission for industrial and enterprise applications across the continent. | Zipit WirelessWebbingComms365+1 | 2 | |
Goanna Ag |  | Goanna Ag is a Queensland-based AgTech company headquartered in Goondiwindi that develops low-cost, low-power, long-range IoT sensors and wireless networks for precision agriculture. Founded in 2017, it supplies ruggedized devices monitoring soil moisture, temperature, rainfall, and livestock positions across large-scale Australian farms. The company's Mesh Network technology enables real-time data transmission over distances exceeding 20 kilometers without cellular coverage. Goanna Ag serves grain growers, cotton producers, and pastoralists in remote regions, integrating sensors with cloud-based dashboards for irrigation and yield optimization. | GroGuruAgByte | 2 | |
Rain Bird | | Rain Bird is an Azusa-headquartered provider of irrigation systems for agriculture, golf courses, sports fields, and residential landscapes across six continents. The company supplies impact rotors like the 5000 Series, drip lines including XFS Eco-Wrap, and central control software such as IQ Platform. Founded in 1933, Rain Bird manufactures components in Tucson and San Diego in California, Alabama, France, Sweden, and Mexico. Its products manage water distribution for projects like Olympic venues and large-scale farms in Australia. | RachioOtO | 2 | |
Badger Meter | | Badger Meter is a provider of water management solutions. The company's solutions encompass measurement and control hardware, connectivity and communication, data visualization and software. Badger Meter has globalised operations, with the vast majority of revenue derived from the USA. | UDliveSmartCover SystemsSyrinix | 2 | |
Cognosos | | Cognosos is a real-time location system provider that tracks over 100,000 assets using lightweight indoor-outdoor tags and cloud software. Deployed in automotive, logistics, and healthcare industries, its platform optimizes inventory flow, boosts asset utilization, and integrates with ERP systems like SAP. Headquartered in New York, Cognosos enables rapid setup in warehouses and hospitals, delivering precise positioning data for operational efficiency. | Cox2mCox Prosight | 2 | |
PowerFleet | | PowerFleet Inc is engaged in Internet-of-Things (IoT) solutions providing valuable business intelligence for managing high-value enterprise assets that improve operational efficiencies. It provide critical information that powers unified operations throughout organizations. It is solving the challenge of inefficient data collection, real-time visibility, and analysis that leads to transformative business operations. Its SaaS cloud-based applications take data from IoT devices and ecosystem of third-party and partner applications to present actionable information for customer. | Fleet CompleteMiX TelematicsMovingdots | 2 |
Founders and investors we've worked with
We've supported winning builders across IoT and beyond.
Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See more
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
See more
TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
See more
Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
See more
HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
See moreRecent M&A advisory track record
See our M&A advisory experience across IoT and beyond.
Explore our M&A advisory offering for similar verticals
We're a specialized M&A advisor to digital infrastructure companies.
Our M&A experience spans across all digital infrastructure verticals.
Explore other sectors
We know tech inside & out.
We provide M&A advisory services to companies operating across the entire tech.
More services
M&A is the ultimate goal, but we play a long game. We're your fractional CFO to help you build financial discipline, and advise you on raising growth capital.
Fractional CFO for IoT companies
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreVC fundraising for IoT companies
We help you prepare materials, reach out to investors in our extensive network, negotiate fair term sheets and structure the VC round.
Learn moreTalk to us
Schedule a call to get a health check on your business and see how we could help.
Fractional CFO
- Fractional CFO for Software
- Fractional CFO for AI & ML
- Fractional CFO for Fintech
- Fractional CFO for Consumer internet
- Fractional CFO for Digital media
- Fractional CFO for E-commerce & marketplaces
- Fractional CFO for Consumer products
- Fractional CFO for Mobility
- Fractional CFO for Digital health
- Fractional CFO for Industrial technology
- Fractional CFO for Digital infrastructure
- Fractional CFO for IT services
Stages
Countries
- UK Fractional CFO
- Ireland Fractional CFO
- France Fractional CFO
- Germany Fractional CFO
- Spain Fractional CFO
- Portugal Fractional CFO
- Italy Fractional CFO
- Netherlands Fractional CFO
- Belgium Fractional CFO
- Switzerland Fractional CFO
- Austria Fractional CFO
- Denmark Fractional CFO
- Sweden Fractional CFO
- Norway Fractional CFO
- Finland Fractional CFO
- Poland Fractional CFO
- Estonia Fractional CFO
- US Fractional CFO
- Canada Fractional CFO
- Mexico Fractional CFO
- Brazil Fractional CFO
- UAE Fractional CFO
- Australia Fractional CFO
Cities
- London Fractional CFO
- Dublin Fractional CFO
- Paris Fractional CFO
- Berlin Fractional CFO
- Madrid Fractional CFO
- Lisbon Fractional CFO
- Milan Fractional CFO
- Amsterdam Fractional CFO
- Brussels Fractional CFO
- Zurich Fractional CFO
- Vienna Fractional CFO
- Copenhagen Fractional CFO
- Stockholm Fractional CFO
- Oslo Fractional CFO
- Helsinki Fractional CFO
- Warsaw Fractional CFO
- Tallinn Fractional CFO
- New York Fractional CFO
- Toronto Fractional CFO
- Mexico City Fractional CFO
- São Paulo Fractional CFO
- Dubai Fractional CFO
- Sydney Fractional CFO