American cloud-based physical asset management solutions maker TrackX Holdings has teamed up with Mexico’s All Pretium to explore Latin America’s growing market for Internet of things (IoT).

It is a win-win for both companies, because the deal allows them to leverage each other’s resources.

Denver, Colorado-based TrackX uses radio frequency identification technology to build tracking and physical asset management solutions. It is barely three-years-old but has already attracted the attention of global players in the IoT sector. So much so, medical Cannabis vendor, American Green Inc, negotiated for months on end to acquire it.

Its growing reputation stems from the fact that the global IoT market is expected to be worth about $14.4 trillion over the next five years. TrackX stated in a press release that it would equip All Pretium with the tools and technologies necessary to help their customers achieve their IoT strategies.

“Our partnership with All Pretium opens the door to some very large, industrial accounts in Mexico and Latin America,” said TrackX president and CEO Tim Harvie.

“These companies are leading the charge in digital transformation and enabling the Industrial IoT. It’s yet another significant building block as we continue to execute our strategic plan for growth in the IoT market internationally.”

Mexico City-based All Pretium advises clients on employing business solutions around IoT and big data. Analysts say the partnership deal brings an opportunity for the Mexican firm to grow in the IoT market, alongside TrackX, growing its access to the latest cutting-edge solutions in the sector.