Verizon Communications said it has inked a deal to acquire Fleetmatics Group, a Dublin, Ireland-based provider of fleet and mobile workforce management products.
The deal, at $60 per share in cash, is valued at about $2.4 billion. The acquisition of Fleetmatics follows one in June in which Verizon Telematics acquired Telogis, a cloud-based mobile enterprise management software company based in Aliso Viejo, Calif.
Fleetmatics is known for a web-based platform that gives fleet operators visibility into areas such as vehicle location, fuel usage, and speed and mileage.
Fleetmatics has more than 37,000 customers and north of 737,000 “subscribed vehicles.” Per its website, Mediacom, Time Warner Cable (now part of Charter Communications) and Virgin Media (part of Liberty Global) are among Fleetmatics’ customers.