Verizon Acquires Transportation Software Provider Telogis
Verizon has acquired Telogis, a transportation software provider that offers solutions for mobile workforces, as well as navigation, routing and compliance software. Most of the company’s software is sold to fleet operators. Telogis software is already being used by car companies including Ford and Volvo, as well as by tech powerhouses Apple and AT&T.
A Cinderella startup story, Telogis has raised over 126 million since 2013. Notable investors include Kleiner Perkins Caufield & Byers, and Fontinalis Partners, a company founded by Ford Motor Company chairman, Bill Ford.
Though the companies have previously competed for business in trucking industry, the acquisition will increase Verizon’s reach into the connected vehicle sector. Telogis will be added to Verizon’s Telematics unit, which operates in 40 markets worldwide.
“With a comprehensive enterprise product portfolio and partnerships with some of the world’s leading vehicle and equipment manufacturers, Telogis brings a world-class software platform and new distribution relationships to Verizon Telematics’ already expansive suite of connected vehicle solutions for consumers and enterprise customers,” said Andrés Irlando, CEO of Verizon Telematics, in a press release. “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. I’m confident that the passion and talent of our collective employees will continue to drive revenue growth and product innovations to shape and lead the industry for years to come.”
While Uber and Lyft are reinventing the transportation industry, this acquisition shows that Verizon is could be more interested in the trucking and commercial transportation industry.
“Verizon provides the brand equity, strength in the market, broad infrastructure and expansive global reach to take Telogis to the next level,” said David Cozzens, CEO, Telogis, in a press release. “This strategic acquisition positions our collective technologies and services uniquely in the market while also enabling Verizon Telematics’ industry-leading business to benefit from Telogis’ unmatched strength in the enterprise market, innovative Mobile Enterprise Management software platform and our strong OEM and ecosystem partnerships.”
Financial terms of the deal have not been disclosed. The purchase is expected to take place in the second half of 2016.
