Telecom giant Verizon signed an agreement to purchase telematics provider Telogis Inc. The acquisition should expand the Verizon Telematics subsidiary’s distribution and add software-as-a-service (SaaS) technology in the connected-vehicle and mobile-enterprise-management sectors.
"With a comprehensive enterprise product portfolio and partnerships with some of the world's leading vehicle and equipment manufacturers, Telogis brings a world-class software platform and new distribution relationships to Verizon Telematics' already expansive suite of connected vehicle solutions for consumers and enterprise customers," said Andrés Irlando, CEO of Verizon Telematics.
"Verizon provides the brand equity, strength in the market, broad infrastructure and expansive global reach to take Telogis to the next level," said David Cozzens, CEO, Telogis. "This strategic acquisition positions our collective technologies and services uniquely in the market while also enabling Verizon Telematics' industry-leading business to benefit from Telogis' unmatched strength in the enterprise market, innovative Mobile Enterprise Management software platform and our strong OEM and ecosystem partnerships."
Terms of the transaction have not been disclosed. The acquisition is subject to customary regulatory approvals and is expected to close in the second half of 2016.
Verizon Telematics empowers customers with a breadth of premium solutions in the connected vehicle space. It operates in more than 40 markets worldwide and offers comprehensive services to consumers, enterprises, automakers, and dealers, providing technological and service expertise to power connected-vehicle products around the world.
Telogis Inc. is dedicated to enhancing the value of its customers' businesses through intelligent integration of location technology, information and services. Telogis was established in 2001 and is headquartered in Aliso Viejo, Calif., with offices in Europe, Australia and Latin America as well as development centers in Austin, Texas; Toronto; and Christchurch, New Zealand. Telogis' products and services are used and distributed in more than 100 countries worldwide.
Verizon Communications Inc., headquartered in New York City, generated nearly $132 billion in 2015 revenues. Verizon operates America's most reliable wireless network, with 112.6 million retail connections nationwide. The company also provides communications and entertainment services over America's most advanced fiber-optic network, and delivers integrated business solutions to customers worldwide.