Internet of Things: Top 5 Deals in the US in 2023

November 21, 2023

Intel

On February 7th 2023, Intel announced the pricing of seven series of its senior unsecured notes, totaling $11 billion. The company plans to utilise these funds for various corporate purposes, including the potential repayment of existing debts, financing of operational costs, and covering capital expenditures.

Intel, a global powerhouse in semiconductor chip manufacturing by revenue, was pivotal in the development of the x86 instruction sets, widely utilised in personal computers. The company is actively collaborating with industry leaders to improve outcomes in the Internet of Things (IoT) by combining efforts in edge computing, networking, and artificial intelligence. Focused on industry standards and partnerships with key ecosystem players, Intel is dedicated to delivering scalable, secure, and efficient solutions.

Vivint Smart Home

On March 10th 2023, NRG Energy acquired Vivint Smart Home for $2.62 billion, advancing its strategy to broaden its consumer-focused services. This acquisition is intended to create a leading home services platform, leveraging well-known brands, proprietary insights, in-house technologies, and synergistic sales channels.

Based in Utah, US, Vivint Smart Home specialises in providing sophisticated security and home automation systems. Their offerings include cutting-edge security cameras, sensors, smart lighting controls, and continuous monitoring and support services.

ForgeRock

On August 23th 2023, Thoma Bravo completed its acquisition of ForgeRock, a transaction that was originally announced on October 11th 2022. The all-cash transaction valued at approximately $2.3 billion, led to the integration of ForgeRock with Thoma Bravo’s existing portfolio company, Ping Identity. This strategic merger is designed to more effectively address the needs of the Identity and Access Management market by providing improved services and expanded support. The combined company is committed to rapidly enhancing identity security solutions for businesses worldwide.

ForgeRock, based in San Francisco, CA, specialises in innovative cloud-based identity solutions, offering services in Identity Management, Access Management, Identity Governance, and AI-powered Autonomous Identity. Their revenue primarily comes from recurring sources, including term licences, SaaS, and maintenance support, collectively categorised as subscription revenue.

EquipmentShare

EquipmentShare, a provider of equipment and digital solutions to the construction sector, revealed the completion of its Series E equity funding extension on September 13th 2023, led by affiliates of BDT & MSD Partners. This extension saw EquipmentShare secure an additional $150 million from both current and new investors, culminating in a total of $440 million raised in Series E funding during 2022 and 2023.

Established in 2015 and based in Columbia, Missouri, EquipmentShare is a national provider of construction technology and equipment solutions, committed to revolutionising the construction industry with pioneering tools, platforms, and analytics-driven insights. Through its unique proprietary technology, T3, EquipmentShare strives to enhance productivity, efficiency, and cooperation among contractors, builders, and equipment owners. Offering an extensive range of solutions, including a fleet management platform, advanced telematics devices, and a top-tier equipment rental marketplace, EquipmentShare remains at the forefront of shaping the future of the construction industry.

Dragos

Dragos, a global leader in cybersecurity for industrial control systems (ICS) and operational technology (OT) environments, disclosed a $74 million extension to their Series D funding round on September 18th 2023, led by the strategic operating and investment firm WestCap. This latest funding serves as an add-on to the initial $200 million Series D round completed in October 2021, which was led by Koch Disruptive Technologies, a part of Koch Industries, along with participation from funds and accounts overseen by BlackRock, a major global asset manager. The total for the Series D funding now stands at $274 million, bringing Dragos’s aggregate funding to date to approximately $440 million.

The company develops cybersecurity software with the mission to protect global critical infrastructure. Its software offers essential insights into ICS and OT networks, ensuring threats are detected and managed before escalating into major incidents. Tailored for emerging applications, such as the Industrial Internet of Things (IIoT), it empowers clients across sectors like power, water utilities, energy, and manufacturing to achieve a robust and flexible security stance.

Talent Insight

“Looking at the most influential IoT deals in the U.S. for 2023, I foresee a significant surge in demand for specialised talent in various tech sectors. Key transactions with Intel, Vivint Smart Home, and ForgeRock mark a decisive move towards integrating IoT across industries from semiconductor manufacturing to smart home technologies and identity security. This trend suggests a rising need for professionals adept in IoT, cybersecurity, and digital infrastructure.”

“Regions like Silicon Valley and Utah, home to these innovative firms, are poised to become prime areas for recruiting IoT expertise. My prediction is that the future job market will highly value individuals who can blend technical IoT skills with industry-specific knowledge, driving innovation and effective IoT implementation in these expanding sectors.”

– Tyler Huskins, Advanced Technology Executive Search Specialist

Published on 21-11-2023