Automakers aren’t the only ones cashing in on the connected-car revolution — telematics companies are making sure to get their piece of the pie. In an effort to bolster its own portfolio, telecom giant Verizon is buying Fleetmatics, a company specializing in fleet management services.
Verizon will buy Fleetmatics for $2.4 billion, approximately $60 per share. The deal should close later this year, and the company’s share price leap up in premarket trading. Fleetmatics specializes in software that allows fleet managers to keep track of location, fuel usage, mileage and more.
