Another large deal in the IoT space had a disclosed deal value of $3.4B, as IoT managed services company ICAP Global was bought by digital enablement system operator AVI-SPL in December to enhance its footprint in Spanish-speaking markets. 

In 2024, the largest disclosed M&A transaction in the IoT sector occurred in the security segment with Private Equity firm Thoma Bravo picking up AIoT cybersecurity solution provider Darktrace for $5.3B in April to expand its security portfolio. 

In November, Quercus Technologies, an AI-powered smart mobility company out of Spain, was picked up by Swedish buyer TagMaster for $6.3M to expand its presence in Europe. 

In December, AI-driven autonomous manufacturing solutions provider Smartech was acquired by specialty chemical materials manufacturer Hexion to add AI technologies to its existing offerings. 

In the US, connected safety and monitoring solutions operator Becklar was bought by Private Equity firm Graham Partners to diversify its industrial technology portfolio.