Taoglas strengthens IoT managed services offering with Smartsensor acquisition
5 July 2021 | 0
Taoglas, a leading enabler of digital transformation through IoT, has acquired Smartsensor Technologies, an end-to-end IoT provider of smart asset management solutions, which combines hardware, software and data analytics capabilities to provide real-time, data-driven insights and smart asset management solutions for the public and private sector.
The acquisition comes during a time when worldwide IoT spending is growing at a double-digit rate and spending is to surpass $1 trillion by 2022 according to global market intelligence firm IDC.
Smartsensor Technologies will fall under Taoglas’ connected smart services business unit led by Leon Hayes who will serve as senior VP and general manager.
Taoglas was advised by KPMG, Landers & Rogers and Maples. Smartsensor Technologies was advised by BDO, Kain Lawyers and PwC.
Founded in Australia in 2011, Smartsensor Technologies provides market leading IoT solutions that make asset management more efficient. The company is currently managing over 5,000 connected devices in Australia, Canada and New Zealand and has a significant growth forecast from contracted deployment in the next 12-24 months.
“Today’s announcement really expands the scope of Taoglas’ Connected Smart Services Business Unit,” said Ronan Quinlan, CEO and co-founder of Taoglas. “Under Leon’s experienced leadership, 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 $20.2 billion in 2020 to $35.2 billion by 2025. We look forward to welcoming the Smartsensor Technologies team into the fold and to expand our reach globally, with our local IoT solutions and service centres on the ground from San Diego to Dublin and Taipei to Brisbane.”
“Today marks a new chapter for Smartsensor Technologies,” said Hayes. “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.
“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.”
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