ARM is reportedly strengthening its IoT chops by buying the data analytics start-up Treasure Data. SoftBank-owned ARM Holdings is in the process of striking a deal to buy the Mountain View-California-based company for around $600 million, according to unnamed sources who spoke with Bloomberg.

Seven-year-old Treasure Data has raised $54.1 million in several funding rounds. Investors have included Scale Venture Partners, Innovation Network Corp. of Japan, and Sierra Ventures. Its platform enables a single view of customer data to make data-driven decisions.

The acquisition of Treasure Data would boost ARM’s IoT ambitions. Its technology can ingest IoT data from any connected device, correlate data from multiple data sources, and use machine learning to act on insights.

Just last month, ARM announced the purchase of Stream Technologies, a company that supports the connectivity of IoT devices across wireless protocols. Stream Technologies’ software will enhance ARM’s IoT device management platform.

ARM’s “bread and butter for years was mobile phone chips,” said Bob Monkman, director of software strategy for network infrastructure at ARM, speaking with SDxCentral earlier this year. “That’s where we made a name for ourselves.” The company makes three categories of chips: “A,” “R,” and “M.” The R and M categories include chips that are used for devices such as mobile phones. Its “A” chips are more complex and can be used in network servers.

When we spoke with Monkman, it was at the Open Networking Summit (ONS) where he was touting ARM’s “A” chips for networking infrastructure.

But today’s news about the acquisition of Treasure Data and the earlier announcement about Stream Technologies prove that ARM is making a big push into IoT, as well.

At the ONS show in April, Monkman forecast this, saying “Our vision is that by 2035 there’s going to be 1 trillion intelligent devices connected to the network, and roughly speaking, the market opportunity in that year will be about $1 trillion for IoT devices. ARM plans to play a significant role.”

ARM’s push into IoT is undoubtedly initiated by its parent company SoftBank. The SoftBank Vision Fund is investing billions in technologies including IoT, artificial intelligence (AI), robotics, mobile applications, computing, communications infrastructure, and cloud software.