Verizon Agrees to Buy Fleetmatics in $2.4 Billion Cash Deal

In acquiring Fleetmatics, Verizon will build on a small but growing presence in the commercial fleet management segment, said John Butler, an analyst at Bloomberg Intelligence. The company previously bought Hughes Telematics in 2012 and Telogis Inc. in June to marry its nationwide wireless coverage with commercial-fleet monitoring to offer services such as route and fuel optimization. “One of the most developed Internet of Things markets right now — and fastest evolving — is the automotive market,” Butler said in an interview. Verizon, which manages a large number of vehicles of its own for FiOS service installation and repair, “understands this business very well,” he said. “Verizon’s being smart by targeting the vehicle market — and on the commercial side,” Butler said.