Verizon announced today that it has acquired substantially all the assets of privately held LQD WiFi to accelerate the development of smart cities through LQD’s public WiFi technology. Terms of the deal have not been disclosed.
With LQD’s technology, Verizon’s goal is to foster community needs like facilitating transportation and traffic, enhancing security, and urban planning. Both companies are currently designing these capabilities for municipalities, private developers, academic institutions, and entertainment venues.
LQD’s Palo technology hubs are essentially kiosks that will eventually allow residents and visitors to engage with other Verizon connected devices through public WiFi. These hubs will be equipped with touch screens, enabling people to take advantage of capabilities like wayfinding, public safety announcements, transit updates, and upcoming community events.
LQD’s assets will be integrated with Sensity Systems’ smart city technology, which Verizon acquired last month. Sensity’s Internet of Things (IoT) platform can be used to embed networking technology in new LED lights and deploy smart city applications for public safety, environmental and weather monitoring, parking management, and location analytics.
This is one of many acquisitions Verizon has made to fortify its IoT business and smart city efforts. The company just closed on a $2.4 billion cash deal of Fleetmatics, which became part of its telematics business. And in July, the company acquired Telogis to help its telematics capabilities for enterprise customers.
Verizon is expressing confidence in its IoT business. At the Wells Fargo Technology, Media & Telecom investor event last week, John Stratton, Verizon executive VP and president of operations, said the company’s IoT business reached $217 million in revenue for the third quarter — closing in on $1 billion for annual revenues.