Fleet services market to see a bigger competitor emerge
The spate of transport and logistics-related firms buying in expertise from smaller rivals continues with Verizon agreeing to purchase Telogis.
Both companies have a presence in Australia and Telogis competes with Verizon in the telematics and fleet IT markets.
IT giant Verizon says the move seeks to add “best-in-class Software-as-a-Service (SaaS) technology and services, specifically in the connected-vehicle and mobile-enterprise management sectors” – as well as expand distribution relationships – to its Verizon Telematics subsidiary.
“With a comprehensive enterprise product portfolio and partnerships with some of the world’s leading vehicle and equipment manufacturers, Telogis brings a world-class software platform and new distribution relationships to Verizon Telematics’ already expansive suite of connected vehicle solutions for consumers and enterprise customers,” Verizon Telematics CEO Andrés Irlando says.
Transaction terms have not been disclosed and acquisition is subject to customary regulatory approvals and is expected in the second half of this calendar year.
Telogis sells cloud-based services for mobile workforces and is focused on telematics and navigation along with fleet management software and CEO David Cozzens insists the takeover will bolster its business internationally.
“Verizon provides the brand equity, strength in the market, broad infrastructure and expansive global reach to take Telogis to the next level,” Cozzens says.
“This strategic acquisition positions our collective technologies and services uniquely in the market while also enabling Verizon Telematics’ industry-leading business to benefit from Telogis’ unmatched strength in the enterprise market, innovative mobile enterprise management software platform and our strong OEM and ecosystem partnerships.”
Telogis in the US has telematics links of varying depth with Volvo, Mack, Hino, Isuzu and Freightliner.
Verizon’s telematics interest, which has mainly been aftermarket, also came through acquisition, of Hughes Telematics in 2012.