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IoT Infrastructure Cellular Connectivity Platforms sector

Strategic acquirers, private equity (buyout funds and growth funds) firms, and valuation benchmarks for IoT Infrastructure Cellular Connectivity Platforms

1.1 - About IoT Infrastructure Cellular Connectivity Platforms sector

Companies in the IoT Infrastructure Cellular Connectivity Platforms category provide managed cellular connectivity services and orchestration for connected devices at scale. They deliver global eSIM/SIM provisioning, multi-carrier coverage across 2Gā€“5G, NB-IoT and LTE-M, secure private APNs, and APIs for monitoring and control. Customers use these platforms to ensure reliable device uptime, reduce connectivity costs, and streamline deployment and lifecycle management.

Offerings typically include eSIM and eUICC management to remotely provision profiles, global SIM lifecycle control, and multi-carrier switching for resilience and cost optimization. Vendors provide connectivity management portals with APIs, real-time usage analytics and policy enforcement, private APN and IPsec VPN for secure traffic, device authentication tied to IMEI/ICCID, and billing with rating engines. Many support NB-IoT and LTE-M profiles, QoS controls, and service-level monitoring across regions.

Primary customers include industrial OEMs and device manufacturers, telematics and fleet operators, and utilities and smart city programs. The platforms enable faster provisioning and rollout, consistent global coverage and uptime, lower roaming and data costs through carrier optimization, and improved compliance and security via private networking and policy controls. Buyers gain centralized visibility, predictable billing, and scalable connectivity as deployments expand across geographies.

2. Buyers in the IoT Infrastructure Cellular Connectivity Platforms sector

2.1 Top strategic acquirers of IoT Infrastructure Cellular Connectivity Platforms companies

GCT Semiconductor Logo

GCT Semiconductor

HQ: United States Website
  • Description: Provider of fabless 4G and 5G semiconductor system-on-chip solutions that integrate RF, baseband and DSP functions to deliver fast, reliable, low-power wireless connectivity for smartphones, tablets, hotspots, routers, M2M and IoT applications.
  • Key Products:
  • 4G LTE System-on-Chip Solutions: Integrates RF, baseband modem and DSP in a single chip to create complete 4G platforms with small form factor, low power and high performance for various wireless devices
  • LTE Connectivity Solutions: Market-proven LTE technology that delivers fast, reliable connectivity to smartphones, tablets, hotspots
  • USB dongles, routers
  • M2M and IoT endpoints
  • 5G Chipsets and Modules: Advanced 5G chipsets and modules shipped to customers to enable next-generation high-speed wireless connectivity, with continued deliveries through June and customer sampling programs
  • Single-Chip Cellular RF Solutions: Compact single-chip semiconductor designs combining cellular RF and baseband functions to reduce size, cost and power for wireless and IoT products.
  • Company type: Private company
  • Employees: ā—ā—ā—ā—ā—
  • Total funding raised: $ā—ā—ā—m
  • Backers: ā—ā—ā—ā—ā—ā—ā—ā—ā—ā—
  • Acquisitions: ā—ā—
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2.2 - Strategic buyer groups for IoT Infrastructure Cellular Connectivity Platforms sector

Description: Companies in Enterprise IoT Infrastructure Platforms build and operate the backbone for large-scale connected devices. They deliver cellular and LPWAN connectivity, device management, secure identity, and edge-to-cloud integration so enterprises can deploy, monitor, and update fleets of sensors, equipment, and vehicles. Offerings span hardware, software, and services that increase reliability, reduce total cost of ownership, and accelerate time to value for mission-critical IoT initiatives.
PTC

PTC

Website ā€¢ HQ: United States
  • Type: N/A
  • Employees: ā—ā—ā—ā—ā—
  • Description: Provider of software solutions for product development and engineering, offering the Creo 3D design platform and a broad portfolio of PTC solutions that customers can trial, purchase online via the PTC Store, or acquire through sales representatives and global partners.
  • Key Products:
  • Support Packages: Tiered technical support offerings deliver 24/7 personal assistance, software and patch downloads, knowledge base access, performance advisor, and product release calendars to enhance productivity and reduce operational costs
  • On-Demand System Scan: Manual tool for administrators with GOLD support to analyze stability, performance and security of PTC software environments and receive actionable recommendations
  • Proactive Monitoring and Guidance Service: Always-on system monitoring with deep scanning, paired with solutions and insights for Windchill users holding GOLDplus support, ensuring continual system health
  • Optional Support Services: Project-specific or expanded coverage options granting on-demand or sustained expert access to address unique initiatives and deliver help exactly when needed.
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Buyer group 2: ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ

ā—ā— companies
Description: ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ
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Buyer group 3: ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ

ā—ā— companies
Description: ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ
Key Products: ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ, ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ, ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ, ā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆā–ˆ
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3. Investors and private equity firms in IoT Infrastructure Cellular Connectivity Platforms sector

3.1 - Buyout funds in the IoT Infrastructure Cellular Connectivity Platforms sector

Buyout Funds investing in IoT Infrastructure Cellular Connectivity Platforms companies

51+ funds
Description: Buyout funds focused on IoT Infrastructure Cellular Connectivity Platforms companies globally.

Abry Partners

Website ā€¢ HQ: United States
  • Type: Buyout
  • Fund Size: $ā—ā—ā—m
  • Investment Range: $ā—ā—-ā—ā—ā—m
  • Focus: Technology companies in IoT Infrastructure Cellular Connectivity Platforms
  • Relevant M&A transactions / similar portfolio companies:
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2.2 - Strategic buyer groups for IoT Infrastructure Cellular Connectivity Platforms sector

Growth Equity Funds in IoT Infrastructure Cellular Connectivity Platforms companies

41+ funds
Description: Growth equity funds focused on IoT Infrastructure Cellular Connectivity Platforms companies globally.

Summit Partners

Website ā€¢ HQ: United States
  • Type: Growth
  • Fund Size: $ā—ā—ā—m
  • Investment Range: $ā—ā—-ā—ā—ā—m
  • Focus: High-growth companies in IoT Infrastructure Cellular Connectivity Platforms
  • Relevant investments / similar portfolio companies:
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4 - Top valuation comps for IoT Infrastructure Cellular Connectivity Platforms companies

4.2 - Public trading comparable groups for IoT Infrastructure Cellular Connectivity Platforms sector

Valuation benchmark group 1: IoT Connectivity Solutions Companies

Description: Companies in this trading comparable group provide IoT connectivity hardware and platforms that link devices to enterprise systems and the cloud. Offerings span cellular modules, RFID infrastructure, industrial networking, and fiber connectivity enabling data transmission, monitoring, and control. They are grouped as valuation comparables given their connectivity-centric portfolios, OEM-oriented sales models, blended hardware/recurring software revenues, and exposure to industrial and retail automation demand cycles.
Impinj logo

Impinj

  • Enterprise value: $ā—ā—ā—m
  • Market Cap: $ā—ā—ā—m
  • EV/Revenue: ā—.ā—x
  • EV/EBITDA: ā—ā—.ā—x
  • Description: Provider of RAIN RFID technology enabling wireless connectivity and data transmission from physical items to business and consumer applications, offering solutions to analyze, optimize, and innovate across industries including retail, healthcare, and logistics.
  • Key Products:
  • RAIN RFID Tags: Small, inexpensive tags that wirelessly connect items to the cloud
  • RAIN RFID Readers: Devices that read RAIN RFID tags and transmit data
  • RAIN RFID Antennas: Antennas that enhance the range and performance of RFID readers
  • IoT Platform: Software platform for data analysis and visualization
  • RAIN RFID Software: Tools to manage, configure, and optimize RFID systems
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Revenue growth
Median
15.7%
2025E
16.0%
2026E
EBITDA margin
Median
28.2%
2025E
28.6%
2026E
Cash EBITDA margin
Median
27.6%
2025E
28.0%
2026E
EV/Revenue
Median
8.4x
2025E
6.8x
2026E
EV/EBITDA
Median
28.9x
2025E
24.4x
2026E
EV/Cash EBITDA
Median
29.0x
2025E
25.5x
2026E
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4.3 - M&A Transactions in the IoT Infrastructure Cellular Connectivity Platforms sector

Selected M&A transactions

Date Target Description Buyer(s) Relevance EV EV/Revenue EV/EBITDA
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Frequently Asked Questions

Buyers & Acquirers in IoT Infrastructure Cellular Connectivity Platforms sector

Who are the top strategic acquirers of IoT Infrastructure Cellular Connectivity Platforms companies?

Top strategic buyers in this sector include GCT Semiconductor, a provider of fabless 4g and 5g semiconductor system-on-chip solutions that integrate rf, baseband and dsp functions to deliver fast, reliable, low-power wireless connectivity for smartphones, tablets, hotspots, routers, m2m and iot applications. .

Which buyer groups are most relevant for IoT Infrastructure Cellular Connectivity Platforms companies?

Relevant strategic buyer groups similar to the IoT Infrastructure Cellular Connectivity Platforms sector include Internet of Things Infrastructure because they share similar customer segments and product capabilities.

Financial Investors in IoT Infrastructure Cellular Connectivity Platforms sector

Which are the top PE firms investing in IoT Infrastructure Cellular Connectivity Platforms companies?

Potential investors in the broader IoT Infrastructure Cellular Connectivity Platforms space include Summit Partners and Abry Partners.

Who are the top buyout funds acquiring IoT Infrastructure Cellular Connectivity Platforms companies?

Active PE funds and buyout funds acquiring companies in the IoT Infrastructure Cellular Connectivity Platforms space include Abry Partners.

Who are the top growth equity funds investing in IoT Infrastructure Cellular Connectivity Platforms companies?

Growth funds investing in the broader IoT Infrastructure Cellular Connectivity Platforms sector include Summit Partners.

Valuation of Companies in IoT Infrastructure Cellular Connectivity Platforms sector

Which are the key public companies that are relevant trading comps for IoT Infrastructure Cellular Connectivity Platforms companies?

Key trading comparable groups include Impinj, a provider of rain rfid technology enabling wireless connectivity and data transmission from physical items to business and consumer applications, offering solutions to analyze, optimize, and innovate across industries including retail, healthcare, and logistics..

Which are the key trading comparable groups for IoT Infrastructure Cellular Connectivity Platforms companies?

Similar trading comparable companies include IoT Connectivity Solutions Companies. Our platform tracks detailed trading comparable groups in the IoT Infrastructure Cellular Connectivity Platforms sector with complete valuation multiples, growth metrics, and profitability data. Access the full database to benchmark your company against relevant public comparables.

What are recent M&A transactions in the IoT Infrastructure Cellular Connectivity Platforms sector?

Our platform tracks M&A transactions in the IoT Infrastructure Cellular Connectivity Platforms sector with complete deal terms, valuation multiples, and strategic rationale. Access the full database to benchmark pricing and identify active acquirers.

What are recent capital raises and funding rounds in IoT Infrastructure Cellular Connectivity Platforms?

Access recent funding rounds in the IoT Infrastructure Cellular Connectivity Platforms sector including growth equity, venture capital, and buyout investments. Our database includes round size, lead investors, valuations, and use of proceeds.

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