Verizon buys Hughes Telematics to help expand services
Verizon buys Hughes Telematics to help expand services
Verizon today announced it has finalized its buyout of Hughes Telematics Inc.
The deal was first announced last month, with Verizon paying $12 per share to purchase the firm for $612 million.
Today the merger has been approved and finalized, with Hughes Telematics continuing to operate as a wholly owned subsidiary of Verizon Wireless.
Verizon takes to the road
Hughes Telematics specializes in machine-to-machine communications, primarily in the automotive industry. Its technology is used in everything from tracking you miles per gallon data and offering roadside assistance for commercial cars to the GPS tracking and coordinating of truck fleets.
Verizon plans to expand with new services tailored to specific industries that will incorporate Verizon's global network and cloud services with the services and technology of Hughes Telematics.
No specific new products or services have been named, but given Hughes Telematics' expertise the most natural fit would be to expand on Hughes' existing roadside assistance and trucker networks through Verizon.
The merger can offer new opportunities too though, so cars fully integrated into Verizon's network may not be too far off in the future.
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