"Fleetmatics brings over 37,000 customers, approximately 737,000 subscribers, a broad portfolio of industry leading products, and a team of 1200 professionals focused on solving the critical challenges of businesses that deploy mobile workforces. We are excited to partner with Verizon in fulfilling the mission of becoming the largest mobile workforce management company in the world.”

Jim Travers
Chairman and CEO,
Fleetmatics

Verizon Communications Inc. and Fleetmatics Group PLC have entered into a definitive agreement under which Verizon will acquire Fleetmatics for USD 60 per share in cash, representing a value of approximately USD 2.4 billion.

The powerful combination of products and services, software platforms, robust customer bases, domain expertise and experience, and talented and passionate teams among Fleetmatics, the recently-acquired Telogis, and Verizon Telematics will position the combined companies to become a leading provider of fleet and mobile workforce management solutions globally.

Verizon and Fleetmatics share a vision that the SaaS-based fleet management solution market is extraordinarily large, lightly penetrated, global, and fragmented which can best be attacked together with a world-class product offering and the largest distribution channel in the industry.

The acquisition is subject to customary regulatory approvals and closing conditions, including the approval of Fleetmatics' shareholders and the sanction of the Irish scheme of arrangement by which Verizon will acquire Fleetmatics by the Irish High Court, and is expected to close in the fourth quarter of 2016.