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Verizon Telematics Enters Deal Worth $2.4 billion to Acquire Dublin-based Fleetmatics

Verizon Telematics Enters Deal Worth $2.4 billion to Acquire Dublin-based Fleetmatics Image Credit: Verizon

Verizon Telematics has entered into an agreement to acquire Fleetmatics, a leading global provider of fleet and mobile workforce management solutions, for approximately $2.4 billion. Verizon Telematics, a subsidiary of Verizon Communications, operates in more than 40 markets worldwide and offers comprehensive wireless, software and hardware solutions to consumers, enterprises, automakers and dealers to power connected-vehicle products around the world.

The latest deal complements Verizon Telematics acquisition of Telogis, a global, cloud-based mobile enterprise management software company in June this year.

With approximately 1,200 employees, Fleetmatics is headquartered in Dublin, Ireland, with North American headquarters in Waltham, Massachusetts. The company’s web-based solutions provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage, and other insights into their mobile workforce, helping them to reduce operating costs, as well as increase revenue.

Andrés Irlando, CEO of Verizon Telematics
The powerful combination of products and services, software platforms, robust customer bases, domain expertise and experience, and talented and passionate teams among Fleetmatics, the recently-acquired Telogis, and Verizon Telematics will position the combined companies to become a leading provider of fleet and mobile workforce management solutions globally.

Jim Travers, Chairman and CEO of Fleetmatics
Verizon and Fleetmatics share a vision that the SaaS-based fleet management solution market is extraordinarily large, lightly penetrated, global and fragmented which can best be attacked together with a world class product offering and the largest distribution channel in the industry.

Author

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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