Verizon Communications agreed Monday to acquire fleet management solutions company Fleetmatics for about $2.4 billion.
Verizon – the telecommunications giant who just last week acquired the core assets of Yahoo! for $4.8 billion – announced in June an agreement to purchase Telogis, Inc.
“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,” says Andrés Irlando, CEO of Verizon Telematics.
Headquartered in Dublin, Ireland, with North American headquarters in Waltham, Mass., Fleetmatics’ 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.
“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,” adds Jim Travers, Chairman and CEO of Fleetmatics.