Verizon Communications Inc. (NYSE: VZ) (NASDAQ: VZ) has signed an agreement to purchase Sensity Systems Inc., to help communities increase economic development, drive citizen engagement and enable sustainability, the company said.
The acquisition is subject to customary regulatory approvals and is expected to close in fourth-quarter 2016.
In connection with the transaction, Weil, Gotshal & Manges LLP acted as legal advisor to Verizon. Pagemill Partners acted as financial advisor to Sensity, and Fenwick & West LLP acted as legal advisor.
Verizon has developed connected-intelligent solutions including parking, lighting, traffic management and security that improve livability, resiliency and public safety for local communities. The company´s Smart Communities organization, which is a part of its IoT business, is simplifying the creation of IoT applications through ThingSpace.
Sensity Systems uses energy-efficient LED lighting as the foundation for its IoT platform for Smart Cities. The company enables light owners to capitalize on the LED conversion process by embedding networking technology within both retrofit and new LED luminaires.
Verizon Communications Inc. generated nearly USD132 billion in 2015 revenues. Verizon has 113.2 million retail connections nationwide, and provides communications and entertainment services over mobile broadband and the an all-fiber network.