Sensata Technologies Holding plc ( ST Quick Quote ST - Free Report) recently completed the acquisition of SmartWitness Holdings, Inc. to augment its video telematics portfolio. The transaction, which was inked last month for an undisclosed amount, is likely to unlock new business opportunities and generate a steady revenue stream for Sensata while reinforcing its Smart & Connected initiative. Since its inception in 2007, SmartWitness has been a leading provider of video telematics solutions for the automotive sector. Leveraging AI and ML techniques, it provides contextually aware data through multiple camera platforms, offering precise locations and monitoring of commercial vehicles and their surroundings for increased driver safety and vehicle retention. With a comprehensive portfolio of connected video telematics hardware, software, analytics, and support services, SmartWitness serves several market segments, including commercial trucks, federal and municipal fleets, schools and public transit networks, and military and first responder vehicles. The firm has reportedly shipped more than 250,000 connected devices to fleet customers since 2017, making its solutions among the most widely adopted ones within the industry. The buyout reinforces Sensata’s position as a data insight provider across transportation and logistics end markets. The acquisition brings complementary capabilities and boosts its strategy to expand beyond original equipment manufacturers and address the broader fleet ecosystem. The transaction will enable Sensata to offer an end-to-end portfolio to fleet operators without compromising on the profitability and productivity metrics through better utilization of the fleet assets. Sensata’s total addressable market for its Smart & Connected product offerings is expected to more than double to $15 billion by 2030. Known as the pioneer in mission-critical solutions, it has a diversified portfolio of personalized and unique sensor-rich applications from automotive braking systems to aircraft flight controls that are utilized ubiquitously. These sensors are specifically designed to address complex engineering and operating performance requirements that help customers solve significant challenges in the industrial, heavy vehicle, off-road, and aerospace industries. Sensata also has a rich portfolio of high-voltage protection and battery management systems. Its sensing solutions business has a strong product portfolio and greater scale to capitalize on attractive opportunities in the multi-billion global automotive sensor market. Moreover, the company believes that its evolving portfolio and accretive customer base, courtesy of its opportune acquisitions like that of SmartWitness, serve as the cornerstone for healthy long-term growth across a diverse set of markets. In addition, the company offers a streamlined set of products, which helps in eliminating redundant costs and gives greater pricing flexibility. It invests in cutting-edge technology that enables hybrid and electric vehicles to be more efficient, cost effective, robust, and safe. Sensata is expanding its electrification ecosystem to facilitate the seamless transition to electric vehicles as it aims to be a leading provider of mission-critical sensor-rich hardware and software solutions. The stock has gained 18.6% over the past year compared with the industry growth of 22.5%. We remain impressed with the inherent growth potential of this Zacks Rank #3 (Hold) stock. Image Source: Zacks Investment Research Stocks to Consider Thermon Group Holdings, Inc. ( THR Quick Quote THR - Free Report) , carrying a Zacks Rank #2 (Buy), is a better-ranked stock. You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here Thermon has gained 22.7% on average over the past year. Earnings estimates for the current fiscal for the stock have moved up 7.9% over the past year. Transcat, Inc. ( TRNS Quick Quote TRNS - Free Report) , carrying a Zacks Rank #2, is another solid pick for investors. It has a long-term earnings growth expectation of 8% and delivered an earnings surprise of 37.2%, on average, in the trailing four quarters. Earnings estimates for the current year for the stock have moved up 39.4% over the past year. Shares of Transcat have moved up a stellar 183.3% over the past year. Watts Water Technologies, Inc. ( WTS Quick Quote WTS - Free Report) carries a Zacks Rank #2. The stock has a long-term earnings growth expectation of 8% and delivered an earnings surprise of 14.6%, on average, in the trailing four quarters. Earnings estimates for the current year for the stock have moved up 43.8% over the past year. Watts Water aims to continuously launch smart and connected products, which are likely to provide it with a competitive edge in the marketplace.