Connected operations IoT — fleet telematics + equipment/site monitoring + safety AI (physical operations)
AI exposure 8% — derived from reported segment revenue, not asserted.
Software Stack → Industrial & Automation Software · figures rebased to Q2 FY2027, reported 2026-09-03
Video-based safety and vehicle telematics lead 2 businesses in this sub-tier that together are 100% of revenue, so Industrial & Automation Software is effectively the whole company rather than one leg of it. Samsara reports a single operating segment with no product-line disaggregation, so the internal weighting is an estimate; the placement does not depend on it, since both businesses sit in the same sub-tier.
Samsara ($508.4M Q2 FY2027, +30% YoY; ARR $2.125B, +30%, net new ARR $134.1M). Single reportable segment with no product-line disaggregation in the filing, so the internal split is an Atlas estimate: video safety and vehicle telematics about 65% (fleet GPS, dash cams, ELD compliance — the core) and equipment, site and worker monitoring about 35%. Primary B5 Industrial & Automation Software. What the filing does disclose is customer shape: the cohort above $1M of ARR generates more than $500M and is growing above 50% for a third consecutive quarter, against 30% for the company. GAAP operating…
Moat. Connected-operations data and workflow lock-in — the system of record for physical fleets and sites, with the cohort above $1M of ARR now generating more than $500M and growing above 50% for a third consecutive quarter. Deepest where deals are largest, which is also where Geotab and Motive compete least.
Bottleneck / pricing power. Moderate and no longer improving at the product level. Gross margin sat flat at 77% GAAP and 78% non-GAAP year on year while non-GAAP operating margin gained six points to 21% — every point of that came from operating expense leverage rather than from pricing. Every deployment ships sensors and cameras, so the memory cost cycle taxes this model directly.
Role in the AI stack. The connected-operations (physical-IoT + AI) layer.
All 174 companies · What moved this quarter · How the map is built