Taoglas, a leading enabler of digital transformation through Internet of Things (IoT) has acquired Smartsensor Technologies.
Smartsensor Technologies is an industry leading, end-to-end IoT provider of smart asset management solutions.
“[The] announcement [of the Smartsensor Technologies acquisition] really expands the scope of Taoglas’ Connected Smart Services Business Unit,” says Ronan Quinlan, CEO and Co-Founder of Taoglas.
Under the new terms, Smartsensor Technologies will combine Taoglas’ existing offerings into one platform, incorporating smart waste solutions to sell 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 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,” Ronan says.
Under the terms of the new agreement, Leon Hayes, Founder and CEO at Smartsensor Technologies, will lead Taoglas’ Connected Smart Services Business Unit as Senior Vice President and General Manager.
“Smartsensor Technologies will benefit from Taoglas’ global presence. They have the teams in place to help us fuel further innovation,” Leon says.
Smartsensor Technologies will fall under Taoglas’ Connected Smart Services Business Unit. The unit will provide IoT managed services that allow global enterprises to optimise the allocation of assets to deliver a higher return on investment.
Founded in Australia in 2011, Smartsensor Technologies is on a mission to provide market-leading IoT solutions that make asset management more efficient.
Through a combination of world-class hardware and software, it creates real-time, actionable intelligence to reduce the overall costs and complexities associated with managing waste, industrial equipment and utility assets.
By helping its clients to digitise their asset information through a comprehensive management platform, Smartsensor Technologies ensures clients improve the efficiency of their operations. This has been proven in some customer scenarios to reduce the cost of asset tracking by up to 80 per cent.
Smartsensor Technologies has a strong track record in the waste sector and has secured long-term contracts across a blue-chip client base. The company is currently managing more than 5,000 connected devices in Australia, Canada and New Zealand and has a significant growth forecast from contracted deployment in the next 12 to 24 months.
Dermot O’Shea, CEO and Co-Founder of Taoglas, adds that the acquisition provides Taoglas with the opportunity to expand its industrial and enterprise-level IoT services and will accelerate its plans for the growth of its Connected Smart Services.
“We’re confident that the Smartsensor team will bring a wealth of expertise and experience to Taoglas, enabling us to provide further value to our customers,” says Dermot.
Combining both offerings is set to help Taoglas move quickly towards the next phase of its expansion, as a leading global IoT solutions provider.
Over the past 11 years, Taoglas has built a company and connected service offering that has been instrumental in the growth of smart waste technologies in Australia.
The acquisition comes during a time when worldwide IoT spending is growing at a double-digit rate. According to global market intelligence firm IDC, spending is expected to surpass $1 trillion by 2022 within the sector.
Taoglas will continue to capitalise on this significant growth and expand its offering in the IoT market through an aggressive growth plan and further strategic acquisitions.