Verizon Announces Acquisition of Fleetmatics

Fresh on the heels of its Yahoo grab, Verizon Communications Inc. is back in the acquisition game. Verizon and Fleetmatics Group PLC have announced that they have entered into a definitive agreement under which Verizon will acquire Fleetmatics, a leading global provider of fleet and...

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fleetmatics_logoFresh on the heels of its Yahoo grab, Verizon Communications Inc. is back in the acquisition game.

Verizon and Fleetmatics Group PLC have announced that they have entered into a definitive agreement under which Verizon will acquire Fleetmatics, a leading global provider of fleet and mobile workforce management solutions, for $60.00 per share in cash – representing a value of approximately $2.4 billion.

Fleetmatics, if you’re not familiar, is a leading global provider of fleet and mobile workforce management solutions.

“Fleetmatics is a market leader in North America — and increasingly internationally — and they’ve developed a wide-range of compelling SaaS-based products and solutions for small- and medium-sized businesses,” said Andrés Irlando, CEO of Verizon Telematics.

The deal, we’re told, is expected to close in the fourth quarter of this year.

“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,” Irlando added.

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