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The story? Verizon Communication announced Monday, August 1st that they will be acquiring the fleet and mobile workforce management company, Fleetmatics for approximately $2.4 billion.
Background? Fleetmatics, founded in 2004 and headquartered in Dublin, Ireland, provides businesses with intel on their fleet operators like vehicle location, speed, mileage, fuel usage, etc via their SaaS web-based and mobile app solutions.
With 37,000 customers and 737,000 subscribed vehicles worldwide, Fleetmatics strives to help companies improve productivity, reduce operating and capital costs, and ultimately increase revenue.
Why the acquisition? Verizon Telematics, the Verizon Communications subsidiary that offers solutions that power connected vehicle products, is adding Fleetmatics to their portfolio after recently acquiring the mobile enterprise management company, Telogis. Stacking up and combining products, their goal is to attack and become the leading provider of the fleet and mobile workforce management industry.
The acquisition is not final yet but once approvals are granted and closing conditions are met, Verizon expects the deal to close in Q4 of this year. For more details, check out the press release here.