Verizon To Buy Fleetmatics For Approx. $2.4 Bln - Quick Facts

(RTTNews) - Verizon Communications Inc. (VZ) and Fleetmatics Group PLC (FLTX) announced they have entered into a definitive agreement under which Verizon will acquire Fleetmatics, a global provider of fleet and mobile workforce management solutions, for $60.00 per share in cash. Fleetmatics Group PLC is a global provider of mobile workforce solutions for service-based businesses of all sizes delivered as software-as-a-service (SaaS).

Verizon said Fleetmatics brings over 37,000 customers, approximately 737,000 subscribers, a broad portfolio of products, and a team of 1,200 professionals. Verizon expects to close the deal in the fourth quarter of 2016.

In June, Verizon Telematics also announced the acquisition of Telogis, Inc., a global, cloud-based mobile enterprise management software company based in Aliso Viejo, Calif. The transaction closed on July 29.