Verizon Telematics subsidiary, Verizon Communications Inc. (NYSE:VX) (NASDAQ: VZ) has signed an agreement to purchase Telogis, Inc., which will add software-as-a-service (SaaS) technology and services in the connected vehicle and mobile enterprise management sectors–as well as expanded distribution relationships, the company said.
Terms of the transaction have not been disclosed. In connection with the transaction, PJT Partners and Wells Fargo Securities, LLC acted as financial advisors and Debevoise & Plimpton acted as legal advisor to Verizon. Barclays and J.P. Morgan acted as financial advisors and Paul Hastings LLP acted as legal advisor to Telogis.
Verizon Telematics offers a wide breadth of premium solutions in the connected vehicle space. It operates in more than 40 markets worldwide and offers comprehensive services to consumers, enterprises, automakers, and dealers, providing technological and service expertise to power connected-vehicle products around the world.
Telogis, Inc., the platform for connected intelligence, enhances the value of its customers´ businesses through intelligent integration of location technology, information and services.
Verizon Communications Inc. generated nearly USD132 billion in 2015 revenues. Verizon operates a wireless network with 112.6 million retail connections nationwide. The company also provides communications and entertainment services over a fiber-optic network, and delivers integrated business solutions to customers worldwide.