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 Allegion, ASSA ABLOY, Wireless Logic and SePRO, as each made 2 deals through Q3 2025.