With IDC projecting the IoT market to be worth $8.9tn, and 212bn connected things by 2020, it is not surprising that vendors are making strategic acquisitions to position themselves for a slice. Belden’s acquisition of Tripwire for $710mn in cash is a case in point. The price represents around 4.5x 2013 revenue, which reflects both the size of the IoT opportunity and the fact that cyber security is a hot sector.