Following the $4.8 billion Yahoo deal, Verizon’s spending spree continued with an agreement worth approximately $2.4 billion to acquire Fleetmatics, an Irish mobile workforce solutions provider with a major presence in the US.

“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,” said Andres Irlando, CEO of Verizon’s Telematics subsidiary.

In June, Verizon Telematics announced the acquisition of Telogis, a US mobile enterprise management software company. That transaction closed on July 29.

Last August it launched Hum, a telematics service with “an addressable market of 150 million vehicles in the US”.

All this activity emphasises how the US operator views this area as having significant potential for future growth.

Fleetmatics’ solutions provide fleet operators with data about vehicle location, fuel usage, speed and mileage, and other information into their mobile workforce, helping them to cut opex and boost revenue. It employs about 1,200 staff.

Fleetmatics is quoted on the NYSE and Verizon’s offer is worth $60 per share in cash (representing a nearly 40 per cent premium to Fleetmatics’ closing price Friday of $42.96). The acquisition is subject to customary regulatory approvals and closing conditions. It is expected to close in the fourth quarter of 2016.