Appendix D

DVendor directory

13 min read · 18 figures · 9 tables · 130 sources

We neither rank nor recommend any of the vendors, and the selection is not exhaustive.

D.1 Vendor layers by archetype

Each archetype touches only some of the layers and vendor groups.

  1. Battery tool with BLE tracker. BLE SoC and secure element vendors (Table 33), an MCU-capable OTA service (Table 31), binary or source SBOM tooling for the radio stack (Table 32), and a RED body for EN 18031 (Table 38). No SIM.
  2. Machine with gateway. TPM and PKI vendors, a Linux OTA service, an IoT platform or cloud (Table 35), a cellular provider (Table 34), and, if the gateway is Class I under the CRA, a CRA notified body (Table 38).
  3. Building device under § 14a EnWG. Secure element, Wi-Fi or Ethernet OTA, SBOM tooling and a RED body. The smart meter gateway side is regulated separately.
  4. Logistics tracker for assets, containers and trailers. Cellular module and GNSS suppliers (Table 36), an MVNO with SGP.32 eSIM (Table 34), MCU OTA, and a RED body.

D.2 Device management and OTA

For device management and OTA, the selection runs from the open-source project Eclipse hawkBit to the services of AWS and Microsoft (Table 31). Kontron markets KontronOS as meeting the CRA, EN 18031 and NIS-2 and ships delta updates four times a year.241

Vendor (product) Headquarters Size, ownership and funding Events 2024-2026
Northern.tech (Mender) Oslo legal entity; offices in Palo Alto, Oslo, Shanghai Founded 2008; customers in more than 70 countries NVIDIA Jetson integration (Aug 2024); MCU support (May 2026); Shanghai subsidiary (2025)
Memfault San Francisco Series B USD 24m (Jan 2023, led by Stripes) Acquired by Nordic Semiconductor (24 Jun 2025); price not disclosed
Golioth San Francisco Pre-seed and seed USD 7.1m in total (to May 2023) Part of Canonical since 3 Mar 2026
balena Distributed team - -
AWS IoT Device Management Seattle Part of Amazon Web Services IoT Analytics, IoT Events and FleetWise retired or closed to new customers (2024-2026)
Azure Device Update for IoT Hub Redmond Part of Microsoft Generally available; preview of updates through Azure Device Registry (2026)
Bosch IoT Rollouts / Eclipse hawkBit Bosch Global Software Technologies; Eclipse Foundation Open source, EPL-2.0 hawkBit 1.0.0 (30 Mar 2026), 1.1.0 (3 Jul 2026)
Kontron (KontronOS, susietec) Linz, Austria About 7,000 staff; FY2025 revenue €1,607.3m Ennoconn holds 48.36 % after a mandatory offer at €23.50 (Aug 2026)
emteria Aachen - Partner programme incl. Raspberry Pi, PHYTEC, Intel
querdenker engineering (qdCloud) Offenburg - OTA, SBOM per firmware version and vulnerability tracking in one product
Table 31: Device management and OTA vendors

Sources: [14, 17, 18, 28, 44, 119, 131, 197, 198, 241, 242, 243, 259, 267, 286, 289, 290, 291, 332].

Mender’s customers include Siemens, Volkswagen and ZF Group.291

D.3 SBOM, vulnerability management and PSIRT

For SBOM, firmware analysis and vulnerability management, the selection runs from the open-source project OWASP Dependency-Track to Exein (Table 32). Black Duck left Synopsys for Clearlake Capital and Francisco Partners on 1 October 2024, Finite State bought MergeBase, and FOSSA bought StackShare and EdgeBit.38, 184, 187, 188

Vendor Headquarters Size, ownership and funding Events 2024-2026
ONEKEY Düsseldorf Spin-off of SEC Consult (2020, as IoT Inspector); in PwC Germany’s portfolio Joint solution with ETAS/ESCRYPT CycurRISK (May 2024)
Cybellum Tel Aviv; offices in Frankfurt, Beijing, Tokyo, Taipei About 64 % acquired by LG Electronics (Sep 2021, valuation USD 140m) -
Finite State Columbus, Ohio USD 20m growth round led by Energy Impact Partners (Mar 2024) Acquired MergeBase (Jun 2024)
Black Duck Burlington, Massachusetts Owned by Clearlake Capital and Francisco Partners; independent of Synopsys since 1 Oct 2024 STMicroelectronics adopts Black Duck SCA for SBOM generation (Mar 2025)
FOSSA - Series B USD 23.2m (2020) Acquired StackShare (Aug 2024) and EdgeBit (Sep 2025)
Exein Rome; offices in Karlsruhe, San Francisco, Taipei €70m (Jul 2025), €100m (Dec 2025), USD 270m at USD 1.7bn (Sep 2026) Partnership with Deutsche Telekom IoT (Sep 2026)
Cybeats Toronto (listed on CSE) Small placements in 2025-2026 OEM deal: Keysight sells its platform as Keysight SBOM Manager (Feb 2026)
NetRise - Series A USD 10m (2025) Acquired by Dragos (Sep 2026)
OWASP Dependency-Track Open source OWASP Flagship project, Apache 2.0 Used by more than 20,000 organisations
Table 32: SBOM and vulnerability management vendors

Sources: [38, 39, 40, 89, 90, 91, 118, 177, 178, 179, 180, 184, 185, 187, 188, 252, 304, 305, 306, 308, 321].

Cybellum’s board has four members, the two founders and two LG Electronics executives.90 PwC Germany took a minority stake in ONEKEY in December 2023, after eCAPITAL, without disclosing the amount.101 JFrog acquired Vdoo in 2021, which has not been an independent vendor since.230

D.4 Secure element and PKI

The secure-element makers are the largest companies in the directory (Table 33). Infineon reported revenue of €14,662 million for the year to 30 September 2025, NXP USD 12,269 million for 2025.219, 299

Vendor Headquarters Size, ownership and funding Events 2024-2026
Infineon Neubiberg, Germany FY2025 (to 30 Sep 2025) revenue €14,662m; 57,077 staff Acquired Marvell’s Automotive Ethernet business for USD 2.5bn in cash (closed 14 Aug 2025)
NXP Eindhoven FY2025 revenue USD 12,269m; about 32,169 staff Acquired TTTech Auto (USD 766m), Aviva Links (USD 222m), Kinara (USD 284m) in 2025; sold MEMS sensors to ST (Feb 2026)
STMicroelectronics Schiphol (NL), operations in Geneva 2025 revenue USD 11,800m Acquired NXP’s MEMS sensor business (2 Feb 2026)
Microchip Chandler, Arizona FY2026 (to 31 Mar 2026) sales USD 4,713.1m; about 17,900 staff -
Giesecke+Devrient Munich 2025 revenue €3,173m; 14,561 FTE eSIM and IoT connectivity in the Connectivity & IoT business area
Thales (Cyber & Digital) Meudon, France 2025 segment sales €3,852m, of which Digital Identity €2,397m SGP.32 eSIM for IoT with AT&T (Oct 2025)
achelos Paderborn Founded 2008; size and shareholders not published Partners include Keyfactor, Sectigo, Thales
Kudelski Group (Kudelski IoT) Cheseaux-sur-Lausanne, Switzerland 2025 revenue USD 371.0m, of which IoT USD 39.1m; about 1,671 staff Sold SKIDATA to ASSA ABLOY (€340m EV, Sep 2024); Matter partnership with Silicon Labs (Oct 2024)
Utimaco Aachen and Campbell, California 400+ staff; investor SGT Capital Sold lawful-interception unit (Sep 2025); Keyfactor partnership (Mar 2025)
Keyfactor Atlanta and Stockholm ARR above USD 200m (Sep 2026) Acquired InfoSec Global and CipherInsights (May 2025); growth investment above USD 1bn led by Summit Partners (Jul 2026)
DigiCert Lehi, Utah Not published Acquired Vercara (Sep 2024) and Valimail (Sep 2025)
GlobalSign (GMO GlobalSign Holdings) Tokyo Holding: 962 full-time staff; FY2025 net sales JPY 20,670m -
Sectigo Scottsdale, Arizona Majority owner GI Partners Acquired Entrust’s public certificate business (Jan 2025)
Bundesdruckerei (D-Trust) Berlin 2024 revenue €1,111.9m; about 4,577 staff; owned by the federal government D-Trust certificates for the Delos Cloud (May 2025)
Swissbit Bronschhofen, Switzerland More than 500 staff; own fab in Berlin Post-quantum authentication with Intercede (Jun 2026)
Table 33: Secure element, HSM and PKI vendors

Sources: [9, 58, 103, 104, 191, 196, 219, 231, 233, 234, 244, 245, 246, 248, 257, 262, 299, 352, 369, 372, 383, 384, 399, 400, 401].

Thales’ Cyber & Digital segment fell 4.3 % in 2025, and its Digital Identity sales fell 2.5 %.384 achelos is led by three managing directors and does not publish its shareholders.9 Kudelski’s IoT segment grew 5.1 % to USD 20.3m in the first half of 2026.247

D.5 IoT connectivity

Only the MVNOs and Vodafone publish their IoT connection counts (Table 34).

Vendor Headquarters Size, ownership and funding Events 2024-2026
1NCE Cologne 40m+ SIM connections; 280+ staff USD 60m round (Apr 2025), Deutsche Telekom among investors
emnify Berlin 23m+ connections; ARR above €50m New CEO (Sep 2026), CFO and CRO (Oct 2026); SGP.32 eSIM (Mar 2026)
Onomondo Copenhagen 500+ customers Majority investment by Aspirity Partners, combined investment above €100m (Sep 2026)
Deutsche Telekom IoT Bonn LTE-M/NB-IoT coverage in Germany above 99 %; 600 roaming and satellite partners Satellite partners Skylo, Sateliot, OQ Technology
Vodafone IoT Newbury, UK 244m IoT connections group-wide (FY to Mar 2026) -
Telefónica Germany (o2 Business) Munich 742,000 M2M net additions in 2025 -
Swisscom Switzerland Not published LoRaWAN, NB-IoT and LTE-M on one platform
A1 Digital Vienna More than 200 staff Managed IoT connectivity
Table 34: IoT connectivity providers

Sources: [1, 4, 7, 98, 99, 127, 128, 129, 130, 309, 375, 380, 409].

1NCE was founded in 2017 together with Deutsche Telekom and reports more than 30,000 customers.4 Its April 2025 round came from Deutsche Telekom, iSquared, Kensington, SoftBank Corp., Vicenda and its founder and brought its total funding to about USD 160 million.1 emnify reports growth of 30 %127, 130 and raised its Series B of USD 57 million from One Peak in January 2022.126

Neither Deutsche Telekom nor Swisscom reports an IoT connection count. Telekom’s 46.75 million prepaid customers in Germany at the end of 2025 include M2M cards and grew 11.3 %, mainly through M2M SIM cards in the automotive industry.98 Swisscom names IoT as a growth area but publishes no count.374

D.6 IoT platforms

Three of the five platforms belong to industrial groups, Siemens, Bosch and KUKA44, 102, 361 (Table 35).

Platform Owner and headquarters Size Events 2024-2026
Cumulocity Independent, Düsseldorf More than 1,000 customer companies in 28 countries Management buyout from Software AG (Jan 2025); Visionary in Gartner’s first Magic Quadrant for industrial AIoT platforms (Sep 2026)
ThingWorx and Kepware TPG Not published Sold by PTC to TPG, closed 13 Mar 2026
Insights Hub (formerly MindSphere) Siemens Not published Renamed
Bosch IoT Suite (Remote Manager, Rollouts, Insights, Edge) Bosch Not published Release notes into Aug 2026; no end-of-life notice
Device Insight KUKA, Munich Not published Wholly owned KUKA subsidiary since 2019
Table 35: IoT platform vendors

Sources: [44, 86, 87, 88, 102, 327, 361].

Avedon, Schroders Capital and Verso Capital financed the Cumulocity buyout.249 TPG pays PTC up to USD 725 million for ThingWorx and Kepware, of which up to USD 600 million at closing and up to USD 125 million if TPG later sells the business.328

D.7 Tracker vendors

The tracker market splits by the asset a vendor serves, not by radio (Table 36). Sensolus in Ghent, one of the container and trailer specialists, tracks more than 1.5 million assets for 500 companies.356

Asset type Vendor and product Tracker class Terms and features
Tools and small equipment Hilti ON!Track (Smart Tag AI T320, Geo Tag AI T400, gateways) BLE, GNSS + cellular Software works with other makers’ equipment; quote-based
Tools and small equipment Milwaukee ONE-KEY BLE Free app, community network
Construction and rental equipment Trackunit (Raw, Spot, Kin, Beam, Pass) Telematics, BLE Contracts of 36 or 42 months
Load carriers, pallets, returnable transport items Bosch Sense I with All-in-One gateways LTE-M / NB-IoT, 2G fallback Small and large load carriers (KLT, GLT), pallets, special carriers; ATEX variants
Containers, trailers, returnable transport items Sensolus LTE-M / NB-IoT, BLE €6 / €1 per month all-in
Cargo and shipments Tive; Decklar (formerly Roambee); Arviem (Baar, CH) Cellular Tive: LTE-M with 2G fallback; Arviem as a managed service
Device platforms Digital Matter; Teltonika; Abeeway; Minew BLE, LoRaWAN, LTE-M, GNSS, UWB Hardware for integrators and platforms
Table 36: Tracker vendors in DACH by asset type

Sources: [8, 23, 43, 92, 116, 207, 270, 271, 357, 382, 389, 391, 392].

Hilti reported group sales of CHF 6,297 million for 2025.206 At Trackunit, the previous investor Hg reinvested.390 Tive in Boston reported USD 100 million booked ARR and a USD 20 million round led by the Lightsmith Group in 2026.388

D.8 Engineering service providers

The selection runs from listed groups with revenue near €1 billion, Bertrandt with €978 million and EDAG with €714.0 million, to family-owned embedded firms in Austria and Switzerland34, 122, 193 (Table 37). RUBINLAKE is itself an IoT engineering consultancy and does not list itself.

Provider Headquarters Size (latest published year)
Bertrandt Ehningen, Germany FY2024/25 revenue €978m (−18 %); 11,932 staff at 31 Dec 2025
EDAG Group Arbon, Switzerland; operations in Fulda 2025 revenue €714.0m (−13 %); 8,303 staff
FERCHAU Gummersbach, Germany About 10,000 staff
Akkodis (Adecco Group) - More than 40,000 engineers worldwide
ALTEN (ALTEN GmbH in Germany) Paris (group) Group 2025 revenue €4,099.0m; 57,400 staff; no German figures published
Ginzinger electronic systems Weng im Innkreis, Austria Family company founded 1991; size not published
Zühlke Schlieren, Switzerland Founded 1968; owned by its partners; 2023 net revenue CHF 246m, about 1,900 staff
Noser Group Switzerland More than 600 staff in eight companies
Kontron (susietec) Linz, Austria See Table 31
Device Insight (KUKA) Munich See Table 35
Table 37: Engineering service providers in DACH

Note: A selection. Sources: [12, 13, 34, 122, 183, 193, 283, 293, 415].

ALTEN names Germany among the countries whose economic conditions weighed on its 2025 operating margin.13 In December 2024 Vodafone Germany announced the closure of grandcentrix, the IoT developer it had acquired about five years earlier.379

D.9 Notified bodies for RED and CRA

Eight of the 13 bodies listed are active under the RED and seven under the Machinery Regulation160 (Table 38). TÜV NORD CERT and DEKRA Testing and Certification GmbH in Germany are notified under the Machinery Regulation but not under the RED.

Body Country Number RED Machinery Regulation CRA
TÜV SÜD Product Service GmbH Germany 0123 Active Active Not notified
TÜV Rheinland LGA Products GmbH Germany 0197 Active Active Not notified
TÜV NORD CERT GmbH Germany 0044 Not notified Active Not notified; TÜViT intends to apply
TÜV AUSTRIA GMBH Austria 0408 Active Active Not notified
DEKRA Testing and Certification GmbH Germany 0158 Not notified Active Not notified
VDE Prüf- und Zertifizierungsinstitut GmbH Germany 0366 Active Active Not notified
SGS-TÜV Saar GmbH Germany 1637 Not notified Active Not notified
SGS Fimko Oy Finland 0598 Expired Expired Not notified
SGS Brightsight Netherlands - - - Accredited for Module B; notification pending
Eurofins Product Service GmbH Germany 0681 Active Not notified Not notified
cetecom advanced GmbH Germany 0682 Active Not notified Not notified
NMi Testlab GmbH (formerly Phoenix Testlab) Germany 0700 Active Not notified Not notified
Bureau Veritas CPS Germany GmbH Germany 2004 Active Not notified Not notified
Table 38: Notified bodies by act

Sources: [160, 161, 162, 360, 396].

DEKRA’s Dutch entity has no RED notification either, and its Spanish entity with number 1909 is suspended for the RED until 1 December 2026.160 NANDO lists SGS Fimko’s RED and Machinery Regulation notifications as expired, with an end date of 20 March 2030 and no reason given.162 Two bodies in Austria are active for the RED, TÜV AUSTRIA and OVE, and none in Switzerland, although the RED is in the MRA.160 The bodies rarely publish their fees359 (Table 29).

D.10 Indicative prices

Published entry prices run from €12 one-off for a ten-year 1NCE SIM to USD 6,695 a month for Memfault’s Scale plan.2, 260 A per-device fee for OTA, a flat fee per plan and a fee per megabyte cannot be compared without a fleet model (Table 39).

Vendor Plan Published price Unit and tier
Mender Basic USD 34 a month Up to 50 devices
Mender Professional USD 291 a month Up to 250 devices
Memfault Growth / Scale USD 3,495 / USD 6,695 a month Per plan
Golioth Connect / Fleet Control USD 0.25 per active device a month; USD 0.0095 per MB of OTA Usage-based, no tiers
balena Prototype / Pilot / Production USD 159 / 329 / 1,439 a month 30 / 60 / 110 devices, then USD 2-3 per device
emteria Small / Medium / Large From €80 / 360 / 890 a month Fleet size per tier not published
qdCloud Hosting €0.01 per GB of traffic, €0.10 per GB of storage Licence per active device and year, amount not published
1NCE Lifetime Flat €12 one-off 10 years, 500 MB, 250 SMS; high-data option €5 per GB
Onomondo Data From €0.0025 per MB Plan fee on request
FOSSA Business USD 20 per project a month Per project
Table 39: Published entry prices

Note: List prices excluding VAT where stated, only for vendors that are not in our cost model (Appendix C) or are there at one tier only. Sources: [2, 28, 131, 189, 199, 260, 292, 310, 332].

Most vendors publish no prices, among them ONEKEY, Cybellum, Finite State, Exein, emnify, all PKI vendors for device certificates, all notified bodies, and Cumulocity, Bosch IoT Suite and Insights Hub.

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Next

Contents

Report overview
  1. 1Deadlines and scope
  2. 2Device requirements
  3. 3Cost per device
  4. 4Technology and architecture
  5. 5Spotlight: logistics tracking
  6. 6Spotlight: Austria and Switzerland
  7. 7Vendor landscape
  8. 8Recommendations
  9. AMethod
  10. BLegal basis
  11. CCost model
  12. DVendor directory
  13. EFunding programmes
  14. About RUBINLAKE
  15. Disclaimer
  16. References