Allegion plc ALLE, on Jan 6, announced that it has completed the acquisition of technology company — Yonomi. However, the financial terms of the transaction were kept under wraps.Yonomi, which specializes in IoT cloud platforms, is well known for its smart-home technology that facilitates in discovering and coordinating devices. The company’s patented technology solutions are used by a strong customer base, spanning across more than 150 countries.Notably, Allegion’s shares gained 5% in the past couple of days to eventually close the trading session at $120.40.Acquisition RationaleYonomi’s expertise in IoT solutions, coupled with its strong innovation capabilities, will enable Allegion to boost its smart-home solutions through its major brands like Schlage. It’s worth mentioning that Allegion has a long-standing partnership with Yonomi, where the company leverages the latter’s Thin Cloud infrastructure and cloud computing expertise to support its smart locks. As a matter fact, this buyout is likely to provide Allegion with added capacity and capital to further develop its technologies and platforms.Zacks Rank, Price Performance and Estimate RevisionsAllegion, with approximately $11.1 billion market capitalization, currently carries a Zacks Rank #2 (Buy). The company will benefit from strength in the electronic products business, along with product development and a large customer base in the long term. Also, improvement in demand across home builder markets and point-of-sales in the e-commerce channels are likely to be tailwinds.In the past three months, the company’s share price has increased 16.1% compared with the industry’s growth of 13.2%.The Zacks Consensus Estimate for its earnings is pegged at $4.80 for 2020, up 0.2% from the 30-day-ago figure. The consensus estimate for 2021 earnings is pegged at $4.62, up 0.4% over the same time frame.Other Key PicksSome other top-ranked stocks from the same space are Fortune Brands Home & Security, Inc. FBHS, Brady Corporation BRC and Ituran Location and Control Ltd. ITRN, each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Fortune Brands delivered a trailing four-quarter positive earnings surprise of 23.02%, on average.Brady delivered a trailing four-quarter positive earnings surprise of 2.95%, on average.Ituran Location delivered a trailing four-quarter positive earnings surprise of 36.25%, on average.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.Click here for the 6 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Fortune Brands Home & Security, Inc. (FBHS): Free Stock Analysis Report Brady Corporation (BRC): Free Stock Analysis Report Allegion PLC (ALLE): Free Stock Analysis Report Ituran Location and Control Ltd. (ITRN): Free Stock Analysis Report To read this article on Zacks.com click here.