The British chip designer ARM, which is owned by Japan's SoftBank, has agreed to purchase the US-based data analytics firm Treasure Data.
According to those familiar with the deal, Treasure Data could be sold for around $600m making it the second largest acquisition in ARM's history after it bought Artisan Components for $705.9m back in 2004.
The new deal is part of the chip designer's push into the Internet of Things (IoT) market. Back in June, ARM acquired Glasgow-based Stream technologies to improve connectivity for IoT devices.
ARM's parent company SoftBank is interested in investing in a number of emerging technologies including AI, driverless cars, IoT, robotics and ride sharing. Over the last year the Japanese firm has announced around $34bn in deals using its almost $100bn Vision Fund.
In 2016 Treasure Data raised $25m and the company is backed by investors including Sierra Ventures and a former subsidiary of SoftBank, SBI.
Treasure Data develops products which help companies analyse data for marketing and other purposes. One specific example listed on its site (opens in new tab) is dealing with a surge in data from a product launch. Treasure Data's products are used in the automotive, retail, IoT and entertainment industries.
We will likely hear more once the terms of the deal are formerly announced.
Image Credit: Flickr / Kārlis Dambrāns