August 9, 2016 — Accelerating its penetration into fleet telematics, Verizon Communications will acquire Fleetmatics, a global provider of fleet and mobile workforce management solutions, for $2.4 billion in cash. The announcement came less than a month since Verizon Telematics purchased Telogis, a fleet navigation Software-as-a-Service (SaaS) provider with distribution through Ford, General Motors, Hino, Isuzu, Mack and Volvo’s Class 8 truck unit.
“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,” said Andrés Irlando, CEO of Verizon Telematics.
Headquartered in Dublin, Ireland, with North American headquarters in Waltham, Mass, Fleetmatics has more than 37,000 customers, 737,000 subscribers and 1,200 personnel. 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.
“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,” Jim Travers, chairman and CEO of Fleetmatics.
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.