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Largest IoT Public Companies

Benchmark revenue and EBITDA valuation multiples for public comps like
Johnson Controls, BOE, PTC, Samsara and Lite-On Technology.

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Johnson Controls		Building Products+3	$133	+66%	$81B	$91B	3.7x	21.4x
BOE		Computer Hardware+3	$1	+0%	$22B	$32B	1.0x	4.8x
PTC		Design & Engineering Software+2	$163	+5%	$19B	$21B	7.6x	15.7x
Samsara		IoT+1	$29	-24%	$17B	$16B	9.6x	50.0x
Lite-On Technology		Electronic Components+2	$6	+97%	$13B	$11B	2.0x	15.4x
Sharetronic		Data Storage+1	$36	+196%	$12B	$14B	—	—
Shenzhen Sunway		Electronic Components+3	$11	+207%	$10B	$10B	7.2x	44.7x
Acuity		Automation & Robotics+2	$296	+12%	$9B	$10B	2.1x	11.1x
Advantech		IoT+3	$10	-19%	$8B	$8B	3.4x	18.3x
EquipmentShare.com		Transportation & Logistics Software+2	$30	--	$8B	$12B	2.6x	8.1x
Goodix		IoT+1	$11	+5%	$5B	$5B	6.2x	35.4x
ThunderSoft		IoT+1	$11	+28%	$5B	$5B	4.1x	32.4x
CIG Shanghai		Computer Hardware+2	$13	+147%	$5B	$5B	5.7x	—
Fibocom Wireless		Electronic Components+2	$4	-7%	$4B	$4B	3.4x	41.5x
Shenzhen SED		Computer Hardware+2	$3	-9%	$4B	$4B	—	—
Impinj		IoT+2	$121	+33%	$4B	$4B	10.4x	56.1x
Hanshow Technology		IoT	$8	-17%	$4B	$3B	5.2x	35.9x
EZVIZ Network		Consumer Electronics+1	$4	-21%	$3B	$3B	3.3x	24.2x
Willfar		Computer Hardware+2	$6	+11%	$3B	$3B	6.0x	20.8x
Nordic Semiconductor		Semiconductors+1	$15	+11%	$3B	$3B	3.9x	35.6x
WNC		Computer Hardware+2	$5	+23%	$3B	$2B	0.7x	11.0x
Spark New Zealand		Telecom Service Providers+1	$1	+9%	$2B	$4B	1.8x	6.2x
Shenzhen Topband Co.		Electronic Components+2	$2	-14%	$2B	$2B	1.4x	13.1x
Alarm.com		Security Services+3	$47	-15%	$2B	$2B	2.4x	11.8x
NextNav		Transportation & Logistics Software+2	$17	+38%	$2B	$2B	533.2x	(54.5x)
HMS Networks		IoT+2	$43	-9%	$2B	$2B	5.9x	20.2x
Vusion		IoT+1	$128	--	$2B	$2B	0.8x	4.7x
Digi International		IoT+1	$51	+82%	$2B	$2B	4.3x	16.9x
TKH Group		Computer Hardware+2	$45	+7%	$2B	$3B	1.3x	8.9x
Arlo		Consumer Electronics+1	$15	+55%	$2B	$1B	2.7x	18.7x
Fengzhushou		IoT+1	$6	+20%	$2B	$2B	—	—
Gosuncn Technology Group		IoT+2	$1	+19%	$2B	$2B	5.2x	60.3x
Tuya		IoT	$2	-23%	$1B	$497M	1.5x	20.1x
Arcadyan Technology		Computer Hardware+2	$6	-19%	$1B	$830M	0.5x	5.9x
Bittium		IoT+2	$31	+250%	$1B	$1B	7.5x	26.2x
Nexwise Intelligence		IoT	$7	+155%	$1B	$1B	—	—
Sensirion		Test & Measurement+1	$69	-21%	$1B	$998M	2.3x	12.3x
Plejd		IoT+3	$89	+77%	$994M	$990M	9.1x	26.5x
Raspberry Pi		Computer Hardware+2	$5	-20%	$967M	$938M	2.9x	21.2x
Yuil Robotics		Automation & Robotics+2	$81	+97%	$952M	$943M	—	—
Ituran Location & Control		IoT+2	$46	+26%	$909M	$821M	2.2x	8.4x
Aeva		Automotive Software+3	$14	+107%	$870M	$827M	38.2x	(7.5x)
Queclink		IoT+1	$2	-10%	$851M	$697M	—	—
Sercomm		IoT+1	$3	-30%	$768M	$724M	0.4x	7.6x
CE Info Systems		Navigation & Mapping+1	$11	-39%	$605M	$572M	10.4x	29.0x
PowerFleet		IoT+1	$4	-35%	$482M	$741M	1.7x	7.6x
Blackline Safety		IoT	$5	+3%	$423M	$398M	3.5x	67.5x
Asterasys		IoT+1	$10	+72%	$357M	$347M	11.5x	27.4x
Gemtek Technology		Networking Hardware+1	$1	-12%	$343M	$222M	—	—
Ependion		Computer Hardware+2	$11	-29%	$336M	$393M	1.6x	7.8x
Soracom		IoT	$6	+11%	$287M	$244M	4.0x	42.7x
Fixstars		IoT+2	$9	-13%	$287M	$257M	4.1x	—
Xperi		Consumer Electronics+1	$6	-21%	$284M	$260M	0.6x	3.4x
Gorilla Technology Group		IoT	$12	-60%	$268M	$174M	1.5x	6.7x
Lantronix		IoT+1	$6	+141%	$238M	$233M	1.9x	34.8x
SAIMO		Automotive Software+2	$2	+2%	$229M	$159M	—	—
Smart Eye		Sensors & Monitoring+2	$6	+18%	$228M	$250M	4.8x	36.5x
Zumtobel		Electrical Parts & Equipment+1	$5	-9%	$205M	$344M	0.3x	3.6x
Immersion		IoT+1	$6	-19%	$203M	$371M	—	—
Inseego		IoT+1	$12	+52%	$201M	$222M	1.3x	11.1x
Quartix		IoT+2	$4	+40%	$179M	$174M	3.5x	13.9x
Gefran		Electronic Components+2	$12	+21%	$177M	$141M	0.9x	5.3x
Kore Group		IoT	$9	+263%	$157M	$442M	1.5x	6.8x
Nelco		Satellite Communications+1	$7	-32%	$151M	$155M	—	—
Reeder		Consumer Electronics+1	$0	-48%	$144M	$139M	—	—
EROAD		IoT+1	$1	-16%	$97M	$105M	0.9x	3.1x
Viomi		Consumer Electronics+3	$1	-19%	$86M	($68M)	(0.2x)	—
Microprogram Information		IoT	$1	-38%	$83M	$61M	—	—
LumenRadio		IoT+2	$6	-22%	$80M	$71M	2.6x	14.5x
Oxford Metrics		Design & Engineering Software+3	$1	-7%	$76M	$31M	0.5x	3.5x
AEye		Automotive Software+4	$2	+189%	$74M	($9M)	(5.4x)	—
Arbe Robotics		Automotive Software+3	$1	-43%	$71M	$53M	27.6x	(1.5x)
Claranova	--	Consumer E-commerce+3	$1	--	$71M	$106M	0.9x	3.7x
Airgain		IoT+2	$4	+31%	$53M	$50M	1.0x	(59.1x)
Universal Electronics		Consumer Electronics+1	$4	-36%	$52M	$49M	0.1x	2.0x
Franklin Wireless		Computer Hardware+2	$4	-33%	$45M	$12M	0.3x	—
3ALogics		IoT+2	$4	-23%	$42M	$44M	—	—
Latch		Security Services+2	$0	+42%	$41M	$41M	—	—
Yanosik		IoT+2	$4	+14%	$40M	$38M	—	—
Silvair		IoT+2	$2	+134%	$34M	$37M	—	—
MicroCloud Hologram		Electronic Components+2	$2	-93%	$31M	($384M)	—	—
Better Online Solutions		Computer Hardware+2	$5	+32%	$31M	$26M	—	—
Veea		IoT+2	$1	-65%	$26M	$42M	—	—
Checkit		Productivity Software+2	$0	+18%	$24M	$21M	1.1x	(166.6x)
NCTE		Computer Hardware+3	$5	+0%	$22M	$21M	—	—
E8ight		Design & Engineering Software+2	$1	-39%	$13M	$18M	—	—
Fingerprint Cards		Test & Measurement+1	$2	-39%	$12M	$10M	1.1x	(4.9x)
TalkPool		IoT+1	$2	+82%	$12M	$12M	—	—
Cibox Inter@ctive		Computer Hardware+2	$0	-52%	$12M	$14M	—	—
Informetis		IoT+3	$2	-60%	$10M	$10M	3.0x	—
ICZOOM Group		Electronic Components+1	$1	-54%	$10M	$23M	—	—
AMA Corp		Healthcare Software+3	$0	-34%	$9M	$7M	—	—
Kerlink		Networking Hardware+2	$1	+50%	$8M	$17M	0.9x	(23.3x)
Munic		Automotive Software+3	$1	+26%	$6M	$9M	0.6x	7.6x
Focus Universal		Automation & Robotics+1	$4	-90%	$4M	$4M	—	—
Unibap		Electronic Components+2	--	--	$4M	$4M	—	—
Lightning Group		Electronic Components+2	$0	-5%	$3M	$5M	—	—
JonDeTech Sensors		Electronic Components+2	$0	-70%	$3M	$3M	—	—
Bee Smart Technologies		IoT	$6	+18%	$2M	$2M	—	—
VEOM		Consumer Electronics+1	$0	-28%	$1M	$21M	—	—