Verizon has acquired California-based Telogis to expand its market share in the growing telematics industry, the telecom giant announced.
With the deal, Verizon is acquiring a growing telematics leader that has developed partnerships with car and truck manufacturers such as Ford, General Motors, Hino, Isuzu, Mack, and Volvo's Class 8 truck unit.
Terms were not closed, and the acquisition should close in the second half of the year, Verizon announced.
"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. "The combined strengths of our two companies' unique assets better enable us to deliver best-in-class mobile enterprise management services to customers globally, while building scale and accelerating market share."
Telogis would likely be integrated with Verizon Telematics, a connected-vehicle business unit that operates in 40 global markets. The unit provides connected-vehicle products to consumers, enterprises, automakers, and dealers.
"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 of 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."
Originally posted on Automotive Fleet