Another large deal in the IoT space involved enterprise workflow automation company ServiceNow picking up IoT cybersecurity operator Armis for $7.7 billion at 25.8 times revenue to enhance its security capabilities. 

In California, MaintainX, an AI-driven computerized maintenance management system, was pocketed by Autodesk for $3.6 billion to expand its operations capabilities. 

In June, operational technology cybersecurity system operator Dragos was sold to Accenture for $3.3 billion to strengthen its position in industrial cybersecurity. 

During Q1 2026, the largest deal in the IoT space was valued at $9.6B, as Masimo, a patient monitoring systems provider, was bought by life sciences company Danaher to enhance its capabilities in the acute care space. 

In April, Zorronet, an AI-powered command-and-control platform for defense and security out of Israel, was picked up by US-based defense and security technology holding company BiomX for $5 million at 8.3 times revenue to expand its defense technology offerings. 

UDlive, a UK-based hardware-enabled software solutions for sewer line monitoring, was acquired by an American provider of water management solutions Badge Meter for $100 milllion at 4.5 times revenue to expand its footprint in the UK market. 

In the US, GPS tracking systems and software provider BrickHouse GPS was bought by Private Equity firm Grady Bay Capital to expand its connected vehicle software portfolio. 

Also in the US, Phosphorus, a remediation platform for connected devices, was scooped up by operational technology cybersecurity system operator Dragos for $180 million at 18 times revenue to strengthen its connected-device security offering. 

ITRES Research, a Calgary-based provider of high-performance airborne hyperspectral and thermal imaging systems, was picked up by Hexagon to strengthen its airborne mapping and analysis capabilities.