Verizon has continued its buying spree, paying $2.4bn for Irish fleet management firm Fleetmatics just a week after buying Yahoo for $5bn.
Fleetmatics specialises in web-based software to provide vehicle fleet companies, such as trucking firms, with information on vehicle location, fuel use, speed and distance covered, with the goal of operating more efficiently to cut costs and grow revenues.
Verizon’s interest appears to be around the future growth of such services with the Internet of Things (IoT) by adding more and more 'things', such as sensors, to its network to boost revenue.
Fleetmatics has 1,200 employees. The firm is headquartered in Dublin, but has a North American headquarters in Waltham, Massachusetts and boasts 37,000 customers using 737,000 vehicles.
The company also has a strong presence in the US and Canada, which Verizon Telematics CEO Andrés Irlando explained is a major benefit of the deal.
"Fleetmatics is a market leader in North America, and increasingly internationally, and has developed a wide range of compelling SaaS-based products and solutions for small and medium-sized businesses," he said.
Fleetmatics CEO Jim Travers added that the deal is a major step forward for the company and that becoming part of Verizon will take its technology far and wide.
"Verizon and Fleetmatics share a vision that the SaaS-based fleet management solution market is extraordinarily large, lightly penetrated, global and fragmented, and can best be attacked together with a world-class product offering and the largest distribution channel in the industry,” he said.
The acquisition is subject to the usual approvals by regulators and shareholders, and is expected to be closed by the fourth quarter of 2016.
Infected apps have been downloaded more than 50 million times
Customers of regular price-raising ISP and cable operator claim nationwide outages started on Monday
Pixel 2 smartphones and a Pixel-branded laptop also planned by Google
The moment you've all been waiting for...