Verizon’s Acquisition Spree Aims More than Telecommunications
Basking Ridge, New Jersey based Verizon is no more just a company offering telecommunications products and services but is reshaping itself quickly.
Spreading its arms into mobile technology and content arena, the company has been quick in acquisitions including Yahoo.
Recently, it inked a $4.8 billion deal with Yahoo for its core operating assets and on Monday, Verizon announced another notable purchase worth $2.4 billion for Fleetmatics. It's an Ireland-based vehicle tracking firm which will give Verizon a 37,000 customer base as well as 737,000 subscribers for Fleetmatics' software. The software helps to track vehicle location, speed, fuel and other things that help commercial truck operators keep a tab on their vehicles.
Verizon is pushing into new business areas with investments in technology and the "internet of things".
In June, Verizon acquired Telogis, the San Francisco company which is a major rival of Fleetmatics. Both provide "telematics" systems for companies which operate fleets of vehicles.
Verizon's moves are not unplanned; it seems the company realizes that mobility is not only related to texting, Snapchatting or watching videos on smartphones. It also provides scope to use technology to make accessing information easier for people and businesses when in their cars or trucks.