Verizon is looking to build its connected vehicle business with an agreement to acquire US firm Telogis for an undisclosed fee.
As well as its product portfolio, Telogis brings distribution relationships with leading vehicle manufacturers. Both should boost the operator’s Verizon Telematics subsidiary.
Telogis offers cloud-based services for mobile workforces, including telematics, compliance and navigation software used by a number of manufacturers, including Ford, Volvo and GM.
“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,” said Andrés Irlando, CEO of Verizon Telematics.
Telogis serves an array of sectors, including government & public safety; oil & gas; food & beverage; transportation; construction & heavy equipment; and utilities.
As a startup, Telogis raised $126 million, including $93 million in 2013 when Telogis told Techcrunch it was turning a profit and forecast revenue of $100 million for the year.
Investors include Kleiner Perkins Caufield & Byers, the investment arm of General Motors, and Fontinalis Partners, an investor in Lyft that was co-founded by Bill Ford, the executive chairman of the Ford Motor Company.
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.