Verizon to enhance significantly its connected vehicle business with the acquisition of Telogis
NEW YORK, June 21, 2016 /PRNewswire/ -- Seeking 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 expanded distribution relationships—to its Verizon Telematics subsidiary, Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced it has signed an agreement to purchase Telogis, Inc., a private company based in Aliso Viejo, California.
"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.
In connection with the transaction, PJT Partners and Wells Fargo Securities, LLC acted as financial advisors and Debevoise & Plimpton acted as legal advisor to Verizon. Barclays and J.P. Morgan acted as financial advisors and Paul Hastings LLP acted as legal advisor to Telogis.
Verizon Telematics empowers customers with a wide breadth of premium solutions in the connected vehicle space. It operates in more than 40 markets worldwide and offers comprehensive services to consumers, enterprises, automakers, and dealers, providing technological and service expertise to power connected-vehicle products around the world.
About Telogis
Telogis, Inc., the platform for connected intelligence, is dedicated to enhancing the value of its customers' businesses through intelligent integration of location technology, information and services. Telogis was established in 2001 and is headquartered in Aliso Viejo, Calif., with offices in Europe, Australia and Latin America as well as development centers in Austin, Texas; Toronto; and Christchurch, New Zealand. Telogis' products and services are used and distributed in more than 100 countries worldwide.
About Verizon
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York City, generated nearly $132 billion in 2015 revenues. Verizon operates America's most reliable wireless network, with 112.6 million retail connections nationwide. The company also provides communications and entertainment services over America's most advanced fiber-optic network, and delivers integrated business solutions to customers worldwide.
Verizon's Online News Center: News releases, feature stories, executive biographies and media contacts are available at Verizon's online News Center at www.verizon.com/news/. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.
Media contacts:
Bob Varettoni, Verizon
908.559.6388
[email protected]
Krys Grondorf, Telogis
949.389.5581
[email protected]
SOURCE Verizon
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article