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Intel buys German chip vendor in IoT push

Company shores up Internet of Things credentials with Lantiq acquisition

Intel joins a crowded IoT market.
Intel joins a crowded IoT market.

Intel Corp has agreed terms to acquire German chipmaker Lantiq to bolster its Internet of Things credentials, Reuters reported.

Intel joins a crowded IoT market as companies such as Cisco, SAP and Google vie to control vast projected revenues in an industry that connects the previously unconnected, such as washing machines, fridges or manufacturing equipment.

It is not known how much Intel is paying for Lantiq, which specialises in making chips for network hardware.

"IoT... is rapidly accelerating," Wim Elfrink, executive vice president, Industry Solutions, and chief globalisation officer at Cisco, told ITP.net in December. "Today, there are about 14bn devices connected to the Internet, and Cisco predicts that by 2020 there will be 50bn networked connections."