There were 233 M&A transactions in this space through the end of the third quarter of 2025 and dealmaking activity was on pace to exceed levels seen last year. Private Equity firms remained active in this market, accounting for the buyers in 29% of these transactions.

Disclosed IoT deal values totaled $11.4B during the first nine months of 2025, on pace to match last year’s levels, and only 19% of M&A transactions disclosed financial terms as buyers preferred to keep their M&A strategies private.

In terms of top acquirers, there was an equal distribution between strategic buyers: global security company Allegion, Swedish access solutions leader ASSA ABLOY, IoT connectivity specialist Wireless Logic and a PE-backed water management and sustainability solutions provider SePRO, as each made 2 deals so far this year.  

VC funding has fluctuated significantly in recent years, both in investment size and deal volume. As a result, companies are increasingly being guided toward M&A opportunities to support growth and liquidity. During the first three quarters of 2025, the median VC investment reached $4 million.