Sierra Wireless this week ramped up its presence in the Internet of Things (IoT) with the acquisition of MobiquiThings, a European-focused MVNO specialising in providing machine-to-machine (M2M) connectivity.

The deal will see Sierra Wireless, which makes embedded modules and gateways, and provides associated cloud services, buy 100% of MobiquiThings for €14 million in cash plus an unspecified, performance-based earnout fee payable in 2017.

"MobiquiThings has a highly advanced core network and technology platform, as well as a rapidly expanding customer base," said Sierra Wireless CEO Jason Cohenour, in a statement, who added that its integration will expand the breadth of Sierra's managed connectivity services.

MobiquiThings provides customers with radio network access for 2G, 3G, and 4G connectivity, as well as SIM provisioning and management. It has more than 75 customers and handles more than 100,000 wireless connections. In 2015, it is expected to generate €3 million in revenue and breakeven adjusted EBITDA.

"As we rapidly grow our position in the IoT market, we are very excited to be able to combine our technology and service offerings with Sierra Wireless, given the strong strategic fit between the companies," said Cyril Hullin co-founder and CEO of MobiquiThings.

The deal is expected to close in August.