"We will look at Indian companies that serve customers in the US and Europe," Sanjay Jalona, CEO of L&T Infotech told PTI. Indian IoT market is estimated to be worth $15 billion by 2020, according to Nasscom.Microsoft

Larsen and Turbo Infotech is preparing to ride on the internet-of-things (IoT) wave by making its current services more robust through acquisition of companies.

The internet-of-things creates a network of 'things,' which can be devices, buildings, vehicles, etc., that are equipped with sensors, software, beacons or other internet-enabled technology that can make free flow and exchange of information possible.

"We are looking at the US and European markets predominantly as the acquisition has to cater to that market by selling to our 250-plus customers. We will also look at Indian companies that serve customers in the US and Europe," Sanjay Jalona, CEO and MD of Larsen and Turbo Infotech, told PTI.

The company will float its initial public offering of Rs. 1.75 crore shares, at a cost of Rs. 705-710 per share starting on July 11. The company is said to have earned a net profit of Rs. 769 crore in the financial year 2014-15 and its revenue is expected to exceed $1.5 billion this fiscal, according to L&T Executive Chairman AM Naik.

IoT has seen a flurry of activity related this year. Nasscom had, on July 1,  partnered with India's alumni-based entrepreneurship nurturing platform, IvyVentures, to promote IoT startup ventures in India. Last month, Tiger Global-backed Blackbuck was actively looking to integrate IoT startups, said a VCCircle report. The Reliance Group also said recently that it will focus on leveraging IoT across verticals such as telecommunications, power sector, and road and rail transportation. The company also announced Juergen Hase as the chief executive of its IoT wing on July 7 this year, the same day Nasscom established India's first IoT centre in Bengaluru.

The IoT market in India saw a 28 percent growth in the 2015 fiscal, according to Nasscom, reported CXO Today. Nasscom also highlighted that Indian IoT firms received around $60 million in investment over the past three years, and that the IoT market is expected to be worth $15 billion in the next five years.