Monday, August 1, 2016

Verizon to Acquire Fleetmatics for $2.4 Billion

Verizon Communications agreed to acquire Fleetmatics Group PLC (NYSE: FLTX)for $60.00 per share in cash – representing a value of approximately $2.4 billion.

Fleetmatics offers software-as-a-service (SaaS) fleet management solution that provides operators with visibility into vehicle location, fuel usage, speed and mileage, and other insights into their mobile workforce.

As of March 31, 2016, Fleetmatics served approximately 37,000 customers and approximately 737,000 subscribed vehicles throughout Australia, Canada, France, Ireland, Mexico, the Netherlands, the United Kingdom, the United States and Italy. The company has approximately 1,200 employees and is headquartered in Dublin, Ireland, with North American headquarters in Waltham, Mass.

"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 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.

In June, Verizon Telematics also announced the acquisition of Telogis, Inc., a global, cloud-based mobile enterprise management software company based in Aliso Viejo, Calif. That transaction closed on July 29.

Verizon Telematics, a subsidiary of Verizon Communications, operates in more than 40 markets worldwide and offers comprehensive wireless, software and hardware solutions to consumers, enterprises, automakers and dealers to power connected-vehicle products around the world.

http://www.verizon.com
https://www.fleetmatics.com/

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