Verizon Communications has completed its $2.4 billion acquisition of Fleetmatics Group to become the largest provider of telematics systems for commercial fleets, the company has announced.
Verizon acquired the Dublin, Ireland-based Fleetmatics for $60 per share in a transaction that closed on Nov. 7. Fleetmatics shares will no longer be traded on the New York Stock Exchange. Verizon now takes over the Fleetmatics North American headquarters in Waltham, Mass.
Verizon now controls about 25% of the telematics market, following its acquisition of Telogis, and counts about 1.4 million units in service. Verizon has begun integrating Telogis, after finalizing the acquisition of that privately held company on July 29. The Federal Trade Commission has approved both mergers.
The Verizon-Fleetmatics merger has received approval from the Irish High Court on Aug. 1 and Fleetmatics shareholders.
Fleetmatics brings to Verizon more than 42,000 customers, approximately 826,000 subscribers, and 1,200 employees.
"With the close of this transaction, Verizon Telematics is squarely positioned as the global leader in fleet and mobile resource management, leveraging the combined strength of three world-class platforms, now serving every segment of the market," said Andrés Irlando, CEO of Verizon Telematics. "We'll continue to work urgently to solve our customers' most critical challenges in deploying their mobile workforces utilizing our newly combined assets, coupled with the industry's largest distribution channel and customer support team."
Originally posted on Automotive Fleet