Mammoth British technology firm ARM Holdings has reportedly agreed to buy a US-based data analytics firm.

According to Bloomberg, the computer chip designer owned by Japan's SoftBank Group will buy Treasure Data Inc for around $600 million.

The acquisition is part of ARM's push into the Internet of Things (IoT) space, and follows its takeover of Glasgow-based Stream Technologies in June.

Based in California, Treasure Data develops products to help companies analyse data for marketing and other purposes, such as dealing with a surge in data from a product launch of unifying information from sensors.

According to its website, the company's products are used by the automotive, retail, IoT and entertainment industries.

Founded in 1990, ARM is one of the UK's biggest tech companies and designs the microchips used in the majority of smartphones, including Samsung devices.

The Cambridge-based company was acquired by SoftBank for £24 billion in 2016.

BusinessCloud has contacted ARM Holdings for confirmation and comment.

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