Seeking to add Software-as-a-Service (SaaS) technology and services, specifically in the connected vehicle and mobile enterprise management sectors—as well as expanded distribution relationships—to its Verizon Telematics subsidiary, Verizon Communications announced it has signed an agreement to purchase Telogis.
"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. "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."
"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. "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."
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.
In connection with the transaction, PJT Partners and Wells Fargo Securities acted as financial advisors and Debevoise & Plimpton acted as legal advisor to Verizon. Barclays and J.P. Morgan acted as financial advisors and Paul Hastings LLP acted as legal advisor to Telogis.
