Taoglas plans to strengthen its IoT managed services offering through its latest acquisition.
Taoglas has acquired Australian company, Smartsensor Technologies, an end-to-end IoT provider of smart asset management products.
The acquisition is part of Taoglas’s mission to expand its offering in the IoT market through an aggressive growth plan involving further strategic acquisitions. The company previously snapped up antenna provider ThinkWireless in 2019.
Smartsensor Technologies will fall under Taoglas’s connected smart services business unit, which provides IoT managed services that allow global enterprises to drive optimised use of its assets and deliver a higher return on investment.
“This acquisition provides Taoglas with the opportunity to expand our industrial and enterprise-level IoT services and will accelerate our plans for the growth of connected smart services. We expect to see an impact on this unit from day one,” said Dermot O’Shea, CEO and co-founder of Taoglas.
“Combining our offerings will help us move quickly towards Taoglas’s next phase of expansion – as the leading global IoT solutions provider.”
The acquisition, which was announced last week, comes during a time when worldwide IoT spending is growing at a double-digit rate and spending is to surpass $1trn by 2022 according to global market intelligence firm IDC.
Under the terms of the new agreement, Smartsensor Technologies CEO Leon Hayes will lead Taoglas’s connected smart services business unit as senior vice-president and general manager.
Hayes said: “In Taoglas, we know we’ve found the right partner and we know the acquisition will provide an increased level of service offering, support and guidance to our customers.”
Hayes added that the acquisition marked “a new chapter” for Smartsensor Technologies, which was founded in 2011. “Over the past 11 years, we have built a company and connected service offering that not only we can be proud of, but a company that has been instrumental in the leadership and growth of smart waste technologies in Australia,” he said.
Ronan Quinlan, CEO and co-founder of Taoglas said that the move would expand the scope of Taoglas’s connected smart services business unit, adding that “this unit will combine our existing offerings into one platform, incorporating the smart waste solutions that Smartsensor Technologies is so successful with, selling into a market that is expected to grow from $20.2bn in 2020 to $35.2bn by 2025.”
Quinlan added that the acquisition furthered Taoglas’s network globally, with locations ranging from San Diego and Taipei to Brisbane and its Irish headquarters in Dublin.