Verizon Buys Waltham-Based Fleet Management Company

WALTHAM, MA – A global vehicle management company with ties to Waltham has entered into a major deal with Verizon, the communications giant announced Monday.

Verizon will acquire Fleetmatics, which assists fleet managers in tracking vehicle location, fuel usage, speed and mileage and other insights into their supply chain that help reduce costs and increase revenue, for a cash value of approximately $2.4 billion.

Verizon will pay $60 per share, according to a press release.

"Fleetmatics is a market leader in North America - and increasingly internationally - and they've developed a wide-range of compelling SaaS-based products and solutions for small- and medium-sized businesses," Andrés Irlando, CEO of Verizon subsidiary Verizon Telematics, said in the release.

Fleetmatics is based out of Dublin, Ireland but operates a North American headquarters in Waltham.

The deal is expected to close in the fourth quarter of this year and is subject to the approval of Fleetmatics' shareholders and the Irish High Court.

"Fleetmatics brings over 37,000 customers, approximately 737,000 subscribers, a broad portfolio of industry leading products, and a team of 1,200 professionals focused on solving the critical challenges of businesses that deploy mobile workforces," Jim Travers, chairman and CEO of Fleetmatics, said in the release. "We are excited to partner with Verizon in fulfilling the mission of becoming the largest mobile workforce management company in the world."

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