Dublin-based software firm to be sold for €2.15bn in cash
DUBLIN-BASED software company Fleetmatics is to be sold for $2.4bn (€2.15bn) in cash to Verizon, the US telecoms giant.
The deal comes weeks after Fleetmatics announced 75 extra jobs in Dublin, to bring its Irish workforce in Tallaght to over 200. The company, co-founded by existing chief technical officer Peter Mitchell, floated on the New York Stock Exchange in 2012. It reported $285m (€255m) in revenues in 2015.
Fleetmatics has a North American headquarters in Waltham, Massachussetts. The company's web-based solutions provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage and other metrics about their mobile workforce.
"Verizon and Fleetmatics share a vision that the SaaS-based fleet management solution market is extraordinarily large, lightly penetrated, global and fragmented which can best be attacked together with a world class product offering and the largest distribution channel in the industry," said Jim Travers, chairman and chief executive of Fleetmatics.
"Fleetmatics brings over 37,000 customers, approximately 737,000 subscribers, a broad portfolio of industry leading products, and a team of 1,200 professionals focused on solving the critical challenges of businesses that deploy mobile workforces. We are excited to partner with Verizon in fulfilling the mission of becoming the largest mobile workforce management company in the world," he said.