Verizon is strengthening its Internet of Things (IoT) business by purchasing fleet management software firm Fleetmatics for $2.4 billion in cash.
Fleetmatics’ software-as-a-service (SaaS) platform will become part of Verizon Telematics, a Verizon subsidiary, as will its more than more than 37,000 customers and 737,000 subscribers to Verizon’s IoT network.
Fleetmatics is headquartered in Dublin, Ireland, and has offices in Waltham, Massachusetts, which is also home to one of Verizon’s Innovation Centers.
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