Verizon completes acquisition of Fleetmatics

November 8, 2016 -  By

verizon_networkfleet_150Verizon Communications completed its $2.4 billion acquisition of Fleetmatics Group PLC for $60.00 per share in cash.

As a result, Fleetmatics shares will no longer be traded on the New York Stock Exchange. As a Verizon company, Fleetmatics, headquartered in Dublin, Ireland, with North American headquarters in Waltham, Mass., is now part of the Verizon Telematics business, which offers wireless, software and hardware solutions to consumers, enterprises, automakers and dealers to power connected-vehicle products around the world.

“With the close of this transaction, Verizon Telematics is squarely positioned as the global leader in fleet and mobile resource management, leveraging the combined strength of three world-class platforms, now serving every segment of the market,” said AndrĂ©s Irlando, CEO of Verizon Telematics. “We’ll continue to work urgently to solve our customers’ most critical challenges in deploying their mobile workforces utilizing our newly combined assets, coupled with the industry’s largest distribution channel and customer support team.”

The transaction was announced Aug. 1 and has since received the approval of Fleetmatics’ shareholders and the Irish High Court, which sanctioned the Scheme of Arrangement by which Verizon has acquired Fleetmatics.

Fleetmatics brings to Verizon more than 42,000 customers, approximately 826,000 subscribers, a portfolio of industry leading products and a team of 1,200 professionals focused on solving the critical challenges of businesses that deploy mobile workforces.

“We are very excited to join Verizon,” said Jim Travers, Fleetmatics CEO and chairman of the board. “Together, we’ll accelerate global market leadership and empower more businesses with mobile workforces to find new ways to grow, get more done and delight their customers.”

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