Verizon Telematics, a subsidiary of Verizon Communications, has signed an agreement to buy Telogis, Inc. Verizon's purchase of Telogis will expand its market share in the growing industry of connected vehicles.
Telogis distributes products for connected intelligence worldwide and is known in the construction industry for its web-based fleet management software, Telogis Fleet, and partnership with Manitowoc Cranes and other vehicle manufacturers using its OEM Telematics Platform.
"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," said Andrés Irlando, CEO of Verizon Telematics. "The combined strengths of our two companies' unique assets better enable us to deliver best-in-class mobile enterprise management services to customers globally, while building scale and accelerating market share. I'm confident that the passion and talent of our collective employees will continue to drive revenue growth and product innovations to shape and lead the industry for years to come."
"Verizon provides the brand equity, strength in the market, broad infrastructure and expansive global reach to take Telogis to the next level," said David Cozzens, CEO, Telogis. "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."
Terms of the transaction have not been disclosed. The acquisition is subject to customary regulatory approvals and is expected to close in the second half of 2016.