iWOW Technology Valuation Multiples

Following Johnson Controls’ divestiture of its residential and light commercial HVAC businesses to Bosch in 2025, nearly all of its revenue comes from commercial HVAC (60%) and fire and security products and services (40%). A 2016 merger joined Johnson Controls’ HVAC and Tyco’s fire and security businesses with the premise that there is synergy in offering a broader variety of automation products and solutions to commercial buildings. We estimate Johnson Controls’ pro forma revenue mix will be one-third products, one-third installation, and one-third services.

BOE Technology Group Co Ltd is an investment holding company. Along with its subsidiaries, the company operates in the following business segments: Display business, Internet of Things (IoT) innovation business, Sensor business, MLED business, Smart medicine and engineering business, and Others. A majority of its revenue is generated from the Display business segment, which integrates design and manufacturing of display devices and offers TFT-LCD, AMOLED, Microdisplay, and other intelligent interface devices. This business focuses on providing high-quality smartphones, tablet PCs, laptops, monitors, TVs, vehicles, VR/AR, and other display devices for customers. Geographically, the group generates maximum revenue from Mainland China, followed by other regions.

Sharetronic Data Technology Co Ltd is engaged in production and sales of products such as Internet of Things intelligent terminals and data storage devices in the field of consumer electronics. The company provides wireless network and smart terminal. Its production lines mainly focus on Internet of Things, Smart Home, and Car Networking. Its products consist of virtual reality, laptops, wifi IP camera, and NAS storage.

Samsara Inc provides an end-to-end solution for operations. The company's Connected Operations Platform consolidates data from its IoT devices and a growing ecosystem of connected assets and third-party systems, and makes it easy for organizations to access, analyze, and act on data insights using its cloud dashboard, custom alerts and reports, mobile apps, and workflows.. The company derives almost all of its revenue from subscription services. Geographically, it derives a majority of its revenue from the United States. The company's customers ranges from small and medium-sized businesses to state and local governments.

PTC is a US-based global company that offers high-end computer-assisted design, product lifecycle management, and augmented reality solutions that industrial manufacturers commonly use on factory floors. Founded in 1985, PTC is a major player in parametric design and serves some of the world’s most well-known equipment manufacturers, such as Caterpillar, Garmin, and Thermo Fisher.

Lite-On Technology Corp is a computer storage device company that manufactures consumer electronics. The main businesses include Research and development design, manufacturing and sales of key modules and system solutions for optoelectronics, cloud computing power management systems, EV chargers, energy management, LED packaging for lighting applications, IoT and networking applications, information technology, and consumer electronics.

Shenzhen Sunway Communication Co Ltd is operating in the communication industry. The company is primarily focusing on the research and development, manufacturing, sales and marketing of the mobile terminal antennas and related modules, acoustic modules and connectors with high electromagnetic compatibility. Its products offering include mobile antenna, precision metal parts, MIM metal parts, acoustics and new materials products. Its products mainly apply to consumer electronic fields like smartphone/tablet PC, smart wearable devices, smart home/IoT and smart automobiles, and primarily expand the supporting capability towards industry, automobile, and military fields.

Advantech is the world’s largest supplier of industrial personal computers and a leading provider of embedded boards. The company serves a wide spectrum of downstream sectors, including manufacturing, retail, healthcare, transportation, and energy and environment. Headquartered in Taiwan, Advantech operates manufacturing facilities in Taiwan, mainland China, and Japan.

CIG Shanghai Co Ltd is an original development manufacturer of the carrier and enterprise-grade customer premise equipment. Its product offerings include wireless network equipment, smart home gateway products, telecom broadband terminals, and other products.

Acuity is a leading industrial technology company that offers lighting, lighting controls, and intelligent building solutions. It designs, manufactures, and brings to market products and services relating to these and other offerings. Acuity has two reportable segments: Acuity Brands Lighting and Acuity Intelligent Spaces. ABL sells commercial, architectural, and specialty lighting, including components and control systems. AIS offers building management and audio/visual solutions to help make buildings intelligent.

EquipmentShare.com Inc is a construction technology solutions and equipment rental company. It operates business through reportable segments: Equipment Rental and Services Operations, comprises of recurring activity performed at full-service branch locations, such as equipment rentals and related services (including allocated telematics revenue related to rental customer access to the T3 platform), and sales of parts, supplies and maintenance services to construction contractors and others; and Equipment Sales, comprises of sales of new or used equipment made at any of branch locations and dealership sites, equipment sales to participants in the OWN Program. Its activities also include telematics subscriptions, software applications, building materials and hardware supplies, and others.

Shenzhen Huaqiang Industry Co Ltd is a China-based company operating in the electronic information industry. Focusing on the electronic information industry, the company continuously innovates service models, expands service content, upgrades service quality, and integrates innovation in many aspects such as electronic component distribution, application solution research and development, technical support guarantee, and industrial Internet, establishing a comprehensive and three-dimensional competitive advantage, and It has built the largest comprehensive electronic components trading service platform in China.

Shenzhen Goodix Technology Co Ltd is a China-based company mainly engaged in the research and development of chips. The company develops capacitive touch controllers and fingerprint recognition chips, serving applications in smart devices, IoT, and automotive electronics. It is also engaged in software development. The company's products and solutions are used by various mobile brands Huawei, OPPO, Vivo, Xiaomi, Amazon, Samsung, Dell, Nokia, LG, ASUS, and others.

Thunder Software Technology Co Ltd is a China-based smart device operating system and platform technology provider. It provides smart device operating system solutions to consumers as well as enterprises. The company offers solutions for smartphones, tablets, smart TVs, camera solutions, mobile device management systems, application development platforms, and mobile security solutions. In addition, it also offers services such as carrier certification, Android OS upgrade, application development and maintenance, OS customization, and others.

Nordic Semiconductor designs Bluetooth Low Energy chips for the wireless industry, making 90% of its revenue from this technology. Nordic’s chips are used in all types of battery-powered devices such as wearables, smarthome applications, asset trackers, and industrial and healthcare markets. In recent years Nordic has also expanded into adjacent technologies such as Wi-Fi, Thread protocol and long-range connectivity.

Impinj Inc operates a platform that enables wireless connectivity to everyday items by delivering each item's identity, location, and authenticity to business and consumer applications. Its platform includes endpoint integrated circuits (ICs) product, a miniature radios-on-a-chip, which attach to and identify their host items; and connectivity layer that comprises readers, gateways, and reader ICs to wirelessly identify, locate, authenticate, and engage endpoints via RAIN, as well as provide power to and communicate bidirectionally with endpoint ICs. Geographically, the company has a business presence in the Americas, Asia Pacific, Europe, Middle East and Africa, of which key revenue is derived from the operations in the Asia Pacific region.

WNC Corp is engaged in designing, development, and manufacturing of cutting-edge communications products. The company provides comprehensive technical support in RF antenna design, software design, hardware design, mechanical design, system integration, user interface development, and product testing & certification.

Hangzhou EZVIZ Network Co Ltd is engaged in providing smart life solutions based on visual interaction. It also provides open cloud platform services for managing IoT devices.

Shenzhen SED Industry Co Ltd operates in a smart industry which includes smart transportation, smart lighting, new energy and smart business, rail transit communication signal industry, and logistics industry which includes industrial logistics. The company operates in four reporting segments namely: high-tech industry engineering services, digital and information services, data Heating and new energy services, and other industrial services. The majority of its revenue is generated from the high-tech industry engineering services segment.

Fibocom Wireless Inc is a Chinese wireless communication module and solutions provider. It is focused on the development of the Internet of Things (IoT) and consumer electronics. The company brand products cover LTE, NB-IoT/eMTC, HSPA, GSM/GPRS wireless communication modules and solutions. Through IoT, the company offers solutions such as wireless payment, car networking, security monitoring, mobile internet, and smart grid.

HMS Networks AB supplies proprietary, patented technology for intelligent industrial communication. It develops and manufactures solutions for connecting industrial products to networks and gateways, thus enabling interconnection between various networks. The group sells products in various countries, including Germany. It generates the majority of its revenue from the USA, Japan, France, China, Sweden, Italy, and other countries. The brands of the company are Anybus, Red Lion, N-Tron, Ewon, Intesis, Ixxat, Owasys, and PEAK-System.

NextNav Inc provides GPS service. The company NextNav TerraPoiNT system keeps critical infrastructure resilient with reliable Position, Navigation, and Timing services in the absence of GPS.

Willfar Information Technology Co Ltd is engaged in production and sales of software and hardware products at all levels of the Internet of Things, such as electric monitoring terminals, water and gas heat sensing terminals, communication gateways, communication modules, and smart utility management system software.

Hanshow Technology Co Ltd is engaged in Wireless communication technology for the Internet of Things. The company provides digital technology to help stores and facilities reduce operational costs, increase sales, and deliver an improved experience for the customers.

Vusion is a company that offers Vuision Retail IOT technology platform to help retailers transform their physical stores into high-value digital assets that are more automated, data-driven, and connected in real-time to suppliers and consumers. It connects shelves to the cloud, providing real-time accurate information on product availability and location, allowing for reduced inventory, out-of-stock, and waste, as well as improved on-shelf availability and merchandizing compliance.

Digi International Inc is a Minnesota corporation that provides business and mission-critical Internet of Things (IoT) connectivity products and services. It operates through two segments: IoT Products & Services, which supports OEMs, enterprise, and government customers in deploying secure IoT connectivity solutions, and IoT Solutions, consisting of SmartSense and its Managed Network-as-a-Service (MNaaS) business offering wireless temperature and condition-based monitoring, employee task management, label printing, and other services. The company generates the majority of its revenue from the IoT Products & Services segment and mainly from the United States, with a presence in Europe, the Middle East and Africa, and the Rest of the world.

TKH Group NV is a provider of vertical-specific communications and connectivity solutions. Its operations are organized into three segments which include Smart Vision systems, Smart Connectivity systems, and Smart Manufacturing systems. Geographical segments of the organization are divided into various regions including the Netherlands, Europe, Asia, North America, and other regions.

Spark is one of only three integrated telecommunications companies in New Zealand. It is the leading mobile network operator with low- to mid-40% subscriber and revenue share, and the dominant provider of fixed-line broadband services with a mid-30% subscriber share. It has a big position in the New Zealand corporate and wholesale telecommunications services provision space. Spark supplements its core telecommunications operations and related infrastructure with IT products and services across cloud, managed data and networks, procurement, data centers, and Internet of Things. Its operations are all based in New Zealand, except for its 41% interest in Southern Cross Submarine Cables, which has zero book value and to which Spark has no funding obligations.

Alarm.com Holdings Inc has a cloud-based platform that offers an expansive suite of IoT solutions addressing world-wide opportunities in the residential, multi-family, small business and enterprise commercial markets. It has two reportable segments: Alarm.com & Other. The Alarm.com segment represents the cloud-based Software platforms for intelligently connected property & related solutions. The other segment is focused on researching, developing & offering residential & commercial automation solutions & energy management products & services in adjacent markets. The majority of revenue is from the Alarm.com segment. The platform allows home & business owners to secure their properties and automate & control an array of connected device.

Fengzhushou Co Ltd is an Internet digital virtual commodity comprehensive service provider, mainly providing mobile Internet digital virtual commodity aggregate operation, fusion operation, distribution operation and other comprehensive operation services for customers in mobile Internet-related scenarios, and providing Internet of Things traffic access, Comprehensive solutions such as hardware solutions, scene applications, and cloud terminal solutions, and provide customized operational support services and technical services according to customer needs.  It is an innovative software technology enterprise that has grown up with the development of the mobile Internet.

Shenzhen Topband Co Ltd is engaged in the manufacturing of intelligent controller solutions, high-efficient motors, and lithium batteries for the household appliance, power tools industry, and technology-related markets.

Nexwise Intelligence China Ltd is a high-tech company in computing, intelligent system and security services. It is committed to security systems and intelligent systems, providing excellent services to military, government, police, energy and infrastructure and other partners.

Raspberry Pi Holdings PLC is a Company involved in designing and developing high-performance, low-cost single-board computers (SBCs) and compute modules for industrial IoT customers and embedded uses, as well as for educators and enthusiasts, in extensive markets. It is an established, full-stack engineering organization with research and development capabilities spanning the entire value chain, from semiconductor intellectual property development to the design of finished semiconductor and electronic products to software engineering and regulatory compliance.

Sensirion Holding AG is engaged in the manufacturing of high-quality sensors and sensor solutions for the measurement and control of humidity, gas flow, liquid flow, and machine diagnostics. The firm offers its services and products to various industries such as Industrial, Automotive, Medical, Industrial, and Consumer. It operates in APAC, EMEA, and the Americas.

Gosuncn Technology Group Co Ltd is engaged in the research and development and application of core technologies, products and solutions based on the Internet of Things and artificial intelligence and provides smart city Internet of Things products and services.

Bittium Corp is a Finland-based company operating in the wireless business. It provides communications and connectivity solutions to customers in the Internet of Things, telecommunications, defense, and healthcare industries. The firm's product portfolio includes LTE smartphones for demanding security and public safety needs, wireless Internet protocol networks, voice-over-Internet protocol products, and LTE access points for tactical communications. The company develops healthcare technology solutions for biosignal measuring. Geographically, the company operates in Finland, the Americas, Europe, and Asia, and a majority of the revenue is derived from operations in Finland.

Tuya Inc is an AI cloud platform service provider dedicated to bringing AI into everyday life. The group leverages its TuyaOpen open-source framework and universal AI Agent engines, including the AI Agent development platform, to integrate multimodal AI capabilities and reduce barriers to AI development. It drives the adoption of AI-powered lifestyles and speeds up the integration of AI with the physical world. It offers innovative physical AI solutions for smart devices, commercial use, and industry developers using cloud computing and spatial intelligence. It also provides a complete, open, and neutral global AIoT ecosystem. It builds a developer community that collaborates to create smart solutions grounded in sustainability, security, efficiency, agility, and openness.

Arlo Technologies Inc is engaged in the provision of security and video monitoring solutions for homes and businesses. It combines a cloud infrastructure and mobile app with various smart connected devices to provide users with visibility, insight, and a means to help protect and connect in real-time with the people and things from any location with a Wi-Fi or a cellular connection. The company offers subscription services such as Arlo Secure, Arlo Total Security, and Arlo Safe, and several categories of smart security devices, including smart Wi-Fi and LTE-enabled cameras, video doorbells, floodlight cameras, and home security systems. Geographically, the company generates a majority of its revenue from the United States, followed by Spain, Sweden, and other countries.

Aeva Technologies Inc through its Frequency Modulated Continuous Wave (FMCW) sensing technology, designs a 4D LiDAR-on-chip that, along with its proprietary software applications, has the potential to enable the adoption of LiDAR across broad applications from automated driving to consumer electronics, consumer health, industrial automation, and security application. The company operates in North America, EMEA, and Asia. The company derives the majority of its revenue from North America.

Arcadyan Technology Corp is engaged in the research, development, manufacture, and distribution of wireless local area network products, integrated access devices, digital home multimedia appliances, mobile broadband products, and wireless products. The company's products include digital subscriber line customer premises equipment (DSL CPE), fiber-to-the-x (FTTx) equipment, mobile broadband equipment, set-top boxes, and others. The Group includes only one segment The networking product. Its geographically revenue comes from Vietnam, Taiwan and others.

Plejd AB develops products and services for smart lighting and home automation.

Ituran Location and Control Ltd is a provider of location-based services. The company operates in two segments, namely Telematics services and Telematics products. The Telematics services segment consists of regionally-based stolen vehicle recovery (SVR) services, fleet management services, and value-added services comprised of personal locater services and concierge services. The Telematics product segment consists of short and medium-range two-way machine-to-machine wireless communications products that are used for various applications, including automatic vehicle location and automatic vehicle identification. Its geographical segments include Israel, Brazil, and Others. The company derives maximum revenue from Israel.

Queclink Wireless Solutions Co Ltd is a China based company engaged in supplying machine-to-machine (M2M) devices and solutions. The products offered by the company are asset trackers, personal trackers, vehicle tracker, and other accessories. It also offers solutions such as asset tracking, lone workers, telecare, monitoring, and fleet management.

Yunding Technology Co Ltd is a high-tech company focusing on the intelligent industry of the energy industry. It focuses its development strategy on the field of industrial Internet services and develops in-depth in the field of mining industrial intelligence and coal gasification technology, providing customers with integrated system research and development, design, operation, and maintenance.

Yuil Robotics Co Ltd is engaged in developing and producing automation systems consisting of industrial robots such as orthogonal robots, collaborative robots, and multi-joint robots, and smart devices as the main products. The company also provides total solutions for manufacturing automation in the injection molding industry and all industrial fields.

Sercomm Corporation is a provider of broadband networking software. The Company is engaged in research and development, manufacturing, and sales of networking communication software and equipment. Its mainstream products includes FTTx Products, Cable DOCSIS Equipment, Integrated Access Devices (IAD), Small Cells, Smart Home, Mobile IoT, and SMB Products.

People & Technology Inc is engaged in manufacturing of special-purpose machinery. It operates the business through film division, battery division, copper division, non-woven division, and water division. Its products include li-ion battery sequential both-side coater, electronic deposition machine, non-woven auto turret winding machine.

Intelligo Technology Inc is an AI specialized company. Building upon three core competencies in the area of deep neural network algorithm development, signal processing, and IC designing, it commit to consistently delivering the complete solutions to bring impressive experience to users for human-to-human and human-to-machine communications. Its solutions have been globally adopted by multinational first tier branding companies in devices ranging from PC/Notebooks monitors, to gaming headsets, TWS headsets, speakerphones, smart watches, and smart IoT devices. Its solutions include Voice User Interface, and Speech Enhancement.