Dublin-based vehicle-telematics and fleet-management-software providers Fleetmatics today announced its acquisition by American telecommunications company Verizon. The agreement will see Verizon purchase Fleetmatics for $60.00 per share in cash, representing a total value of approximately $2.4 billion.
With a team of 1,200 employees, Fleetmatics is regarded as one of the leading companies in its industry with approximately 737,000 subscribers for its range of products. Verizon is the largest wireless communications provider in the United States.
Jim Travers, Chairman and CEO of Fleetmatics, said of the deal, “Verizon and Fleetmatics share a vision that the SaaS-based fleet management solution market can best be attacked together with a world class product offering and the largest distribution channel in the industry. We are excited to partner with Verizon in fulfilling the mission of becoming the largest mobile workforce management company in the world.”
As a result of today's announcement, Fleetmatics has cancelled its earnings call previously scheduled for August 9, and has withdrawn its 2016 guidance as previously issued on May 4.
The acquisition arrangement is still awaiting regulatory approval from the Irish High Court, but is expected to close in the fourth quarter of 2016.
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