NEW YORK/DUBLIN: August 05, 2016. Verizon Communications is to buy SaaS logistics provider Fleetmatics Group for US$2.4 billion. Subject to regulatory approvals, the deal is expected to close in the fourth quarter of 2016.
Based in Dublin, Fleetmatics provides Web-based solutions to enable fleet operators with visibility into vehicle location, fuel usage, speed and mileage to help reduce operating costs and increase revenue.
As of March 31, 2016 the company had 737,000 vehicles under subscription and 37,000 customers in Australia, Canada, France, Ireland, Italy, Mexico, the Netherlands, the U.K and U.S.
Revenue for last year was US$284.8 million, an increase of 23 percent from US$231.6 million in 2014.
"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," commented Andrés Irlando, CEO of Verizon Telematics.
"Verizon and Fleetmatics share a vision that the SaaS-based fleet management solution market is extraordinarily large, lightly penetrated, global and fragmented which can best be attacked together with a world class product offering and the largest distribution channel in the industry," he added.
In May Ireland's postal service An Post (right) selected Fleetmatics to provide fleet management for the organization's 900 postal vehicles: "An Post operates one of the largest fleets in Ireland, providing postal services across the country every day, so we really needed a solution that was scalable and efficient," noted Paula Butler, head of Procurement.
"This partnership is especially meaningful given that Fleetmatics has been an Irish company from day one, and we employ hundreds of the country's best and brightest," declared Jill Ward, Fleetmatics president and COO.