Verizon to buy Fleetmatics for USD 2.4 billion

News Wireless United States 1 AUG 2016
Verizon to buy Fleetmatics for USD 2.4 billion

Verizon is continuing its acquisition spree in new growth areas with a deal to buy Fleetmatics for USD 2.4 billion. The operator is offering USD 60 per share cash for the provider of fleet and mobile workforce management services, equal to a premium of nearly 40 percent on the closing share price the day before the takeover was announced. 

Fleetmatics offers a range of SaaS products aimed at SMEs in North America and has been expanding its presence internationally. Its products help track vehicle location, fuel usage, speed and mileage, and other insights into the mobile workforce. The company counts over 37,000 customers with a combined total of some 737,000 subscribers. Fleetmatics is headquartered in Dublin, with its North American headquarters in Massachusetts. 

In June, Verizon Telematics also announced the acquisition of Telogis, a provider of cloud-based mobile enterprise management software. That transaction closed on July 29. The Fleetmatics deal is expected to close in Q4 2016. 

Categories:

Mobile

Companies:

Verizon

Countries:

United States

Tags:

Data services, Wholesale, Enterprise, Location Based Services, M&A buyouts & divestments

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