Why Verizon Made Another Acquisition to Bolster Its Internet of Things Business
#Verizon snapped up trucking tracker #Fleetmatics Group for $2.4 billion in cash on Monday, the carrier’s second deal in recent weeks to bolster its small but fast growing business of connecting smart devices and sensors to cloud software over wireless networks. Fleetmatics was one of the few public cloud-software companies to show consistent growth in revenue and profits at the same time. Its services to track trucks to improve safety and performance as well as providing scheduling and dispatching apps have been in high demand in an industry that typically moves slowly on new technology. The purchase comes just a month after Verizon bought startup Telogis, which also offers fleet-tracking cloud software and has partnerships with truck makers like General Motors, Mack, and Hino.