Sensata Technologies (NYSE: ST) announced the acquisition of Elastic M2M Inc., a privately-held innovator of connected intelligence for operational assets across heavy-duty transport, warehouse, supply chain and logistics, industrial, light-duty passenger car, and a variety of other industry segments. Elastic M2M primarily serves telematics service providers (“TSPs”) and resellers, enabling them to leverage Elastic M2M’s cloud platform and analytics capabilities to deliver sensor-based operational insights to their end users. Financial terms of the transaction were not disclosed.
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Since its founding in 2013, Elastic M2M has been a pioneer in delivering flexible, scalable, cost-effective and intuitive IoT analytics for TSPs and their end customers. The Company’s IoT cloud platform utilizes machine learning and AI capabilities to digest and analyze an increasingly rich amount of sensor and camera data from connected assets in order to enable customers to make better operational decisions. The Company’s solutions work with any type of operational asset and are easy to deploy on top of existing IoT tools to address business-specific issues and rapidly boost efficiency.
“Consistent with Sensata Insights’ strategy to provide high-value data insights and solutions to TSPs, and ultimately to their fleet operators and asset owners, the acquisition of Elastic M2M augments our cloud capabilities critical to delivering actionable sensor-based insights, an increasingly important capability in this fast-growing industry segment,” said Jeff Cote, CEO and President of Sensata Technologies. “Elastic M2M expands on Sensata’s recent acquisitions of Xirgo Technologies and SmartWitness and our extensive sensor portfolio by adding leading software and analytics solutions for fleets and a talented team of software engineers, with a highly complementary channel strategy leveraging TSP relationships as partners in delivering these solutions. We look forward to the management team and employees of Elastic M2M joining Sensata.”
About Sensata Technologies
Sensata Technologies is a global industrial technology company striving to create a cleaner, more efficient, electrified and connected world. Through its broad portfolio of sensors, electrical protection components and sensor-rich solutions which create valuable business insights, Sensata helps its customers address increasingly complex engineering and operating performance requirements. With more than 21,000 employees and global operations in 13 countries, Sensata serves customers in the automotive, heavy vehicle & off-road, industrial, and aerospace markets.