Appliance Recycling Centers of America (Nasdaq: ARCI) has bought tracking device manufacturer GeoTraq. The acquisition is part of ARCA's strategy to diversify its services. Financial terms were not disclosed.

GeoTraq makes tracking modules for mobile devices that are used to monitor the movements of inventory and other assets. According to Minneapolis-based ARCA, the Internet of Things market is expected to reach $1.29 trillion by 2020 with $400 billion of that coming from hardware spending. Seattle-based GeoTraq serves the transportation, energy, healthcare and industrials sectors.

"We believe that expanding our offerings beyond our current business model will be highly valuable for shareholders, and therefore we will continue to seek such opportunities to enhance our product and service offerings," says ARCA CEO Tony Issac. ARCA operates 18 ApplianceSmart stores that sells recycled appliances and provides recycling services for them.

In other mobile technology deals, LLR Partners has invested in 3SI Security Systems Inc; MaxLinear Inc. (NYSE: MXL) bought Exar Corp; and Thoma Bravo LLC purchased Continuum.

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Demitri Diakantonis

Demitri Diakantonis

Demitri Diakantonis joined SourceMedia in 2015 and serves as Managing Editor of Mergers & Acquisitions. He covers all aspects of middle-market deamaking, with a focus on strategic buyers and the consumer and retail sectors, and writes The Buyside column.