Verizon Communications plans to buy cloud-computing-focused fleet management firm Fleetmatics Group, in a deal that will pump up the telecom carrier’s internet of things portfolio.
The $ 2.4 billion deal for the Dublin-based fleet management vendor will give Verizon a toehold in the GPS vehicle-tracking and connected cars markets. Fleetmatics, with U.S. headquarters in Waltham, Mass., has about 37,000 customers and 737,000 subscribed vehicles worldwide.
The deal, announced Monday, “underlines Verizon’s commitment to the IoT space,” Dan Bieler, a digital business analyst with Forrester Research, said by email. “In terms of IoT revenues, this deal helps to improve Verizon’s positioning.”