Transaction facilitates the expansion of Taoglas’ Connected Smart Services Business Unit, furthering its position as a leading IoT managed service provider for enterprises
Taoglas has acquired Smartsensor Technologies, an industry-leading, end-to-end IoT provider of smart asset management solutions.
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, they create 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 digitize their asset information, through a comprehensive management platform, Smartsensor Technologies ensures clients improve efficiencies and is proven in some customer scenarios to reduce the cost of asset tracking by up to 80%. 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 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. 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,” said Ronan Quinlan, CEO and Co-Founder of Taoglas. “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.”
“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. “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. Combining our offerings will help us move quickly towards Taoglas’ next phase of expansion – as the leading global IoT solutions provider.”
“Today marks a new chapter for Smartsensor Technologies. 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,” said Leon Hayes, Founder and CEO at Smartsensor Technologies. “Smartsensor Technologies will benefit from Taoglas’ global presence. They have the teams in place to help us fuel further innovation and to realise our full potential. We’re excited to join forces and provide a unique Connected Smart Services offering to our customers.”
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. Taoglas will continue to capitalize on this significant growth and expand its offering in the IoT market through an aggressive growth plan and further strategic acquisitions.
Smartsensor Technologies will fall under Taoglas’ Connected Smart Services Business Unit which provides IoT managed services that allow global enterprises to drive optimized use of their assets and deliver a higher return on investment. Under the terms of the new agreement, Leon Hayes will lead Taoglas’ Connected Smart Services Business Unit as Senior VP and General Manager.
Subject to customary closing conditions and completion of regulatory review, the acquisition closed on 30th June 2021.
Smartsensor Technologies was advised by BDO, Kain Lawyers and PwC.