Menu

SMART TRANSPORT FEATURE NEWS

Verizon Completes Acquisition of Fleetmatics

By Ken Briodagh November 07, 2016

Verizon Communications has finally announced completion of its $2.4 billion acquisition of Fleetmatics Group for $60.00 per share in cash. This acquisition is one of the largest in the Connected transportation space, and the company’s motives have been questioned heavily.

As a result of this buy-out, Fleetmatics shares will no longer be traded on the New York Stock Exchange. As a Verizon company, Fleetmatics, headquartered in Dublin, Ireland, with its North American headquarters in Waltham, Mass., is now part of the Verizon Telematics business, which offers comprehensive wireless, software and hardware solutions to consumers, enterprises, automakers and dealers to power connected-vehicle products around the world.

“With the close of this transaction, Verizon Telematics is squarely positioned as the global leader in fleet and mobile resource management, leveraging the combined strength of three world-class platforms, now serving every segment of the market,” said Andrés Irlando, CEO, Verizon Telematics. “We’ll continue to work urgently to solve our customers’ most critical challenges in deploying their mobile workforces utilizing our newly combined assets, coupled with the industry’s largest distribution channel and customer support team.” 

The transaction was announced August 1, 2016, and has since received the approval of Fleetmatics' shareholders and the Irish High Court, which sanctioned the Scheme of Arrangement by which Verizon has acquired Fleetmatics. Fleetmatics brings to Verizon more than 42,000 customers, approximately 826,000 subscribers, a broad portfolio of industry leading products, and a team of 1,200 professionals focused on solving the critical challenges of businesses that deploy mobile workforces.

“We are very excited to join Verizon,” said Jim Travers, CEO and Chairman of the Board, Fleetmatics. “Together, we’ll accelerate global market leadership, and empower more businesses with mobile workforces to find new ways to grow, get more done, and delight their customers.”




Edited by Maurice Nagle
Get stories like this delivered straight to your inbox. [Free eNews Subscription]

Editorial Director

SHARE THIS ARTICLE
Related Articles

Zipline Announces 'Zip' Drones for Precise, Autonomous Deliveries

By: Alex Passett    3/31/2023

Zipline's "Zip" delivery drones are next-gen, virtually silent machines that are expected to deliver up to seven times faster than traditional automob…

Read More

Modeshift Partners with LTCA for Smart Ticketing

By: Stefania Viscusi    11/17/2022

Modeshift's smart transit solution has been adopted by Luzerne County Transportation Authority (LCTA) in the Wilkes-Barre, PA.

Read More

Video-Based Safety and AI Technology Can Reduce Truck Accidents

By: Tracey E. Schelmetic    11/15/2022

IoT solutions with video-based safety and AI technology can help reduce the likelihood of accidents by identifying distracted and aggressive driving.

Read More

Upward Mobility: Urban Movement Labs Joins Smart City Venture Studios as New Agency Partner

By: Matthew Vulpis    2/24/2022

The technology developed to create "smart cities" can make communities more effective and efficient in the use of resources, a necessity given the pro…

Read More

Up, Up, and Away - With Your IoT Data?

By: Special Guest    2/4/2021

Times have changed in the amazing world of the Internet of things (IoT). What once was a new and compelling idea has quickly worked its way into the h…

Read More