Company Extends its European Footprint into Spain
ATLANTA, Jan. 24, 2018 /PRNewswire/ -- Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced the acquisition of Movildata Internacional, a Murcia, Spain-based provider of commercial fleet management solutions. Terms of the transaction, which closed on Jan. 19, 2018, have not been disclosed.
Verizon Telematics is an established leader across Europe with a strong presence in the United Kingdom, Ireland, the Netherlands, Germany, France and Poland. Movildata, an established industry leader in Spain, complements Verizon Telematics' expanding operations in southern Europe, specifically Portugal and Italy. "We see Movildata as a natural fit and highly synergistic with our European business," said Andrés Irlando, CEO of Verizon Telematics. "This strategic acquisition strengthens Verizon Telematics' market position, accelerates growth and allows us to expand the footprint of our market-leading solutions and services."
With more than five million commercial vehicles, Spain represents the second largest market for commercial vehicles in Western Europe according to leading industry analyst firm Berg Insight.1 Furthermore, the market for fleet management solutions is significantly underpenetrated compared to other major markets in Europe, creating opportunities for growth.
Movildata employees have joined the Verizon Telematics team and will continue to drive sales and support for its current fleet management products. In addition, Verizon Telematics plans to add Fleetmatics' REVEAL™ to the portfolio of software solutions available to Spanish fleet operators. Verizon Telematics provides world-class vehicle tracking and business intelligence solutions designed to help generate cost savings, improve productivity and help monitor driver safety for virtually any mobile workforce.
"We are proud of what the company has accomplished in this market, and we know that with this transaction our success will continue," said Luis Enrique Rodrigo, CEO of Movildata. "Verizon Telematics' expansive global reach and robust portfolio of technologies and solutions will allow us to grow the business in Spain and expand our customer service to the next level."
About Verizon Telematics
Verizon Telematics is guiding a connected world on the go by automating, optimizing and revolutionizing the way people, vehicles and things move through the world. We ensure that the things our customers care about most – from people and vehicles to equipment and data – run smoothly and flow seamlessly. Our full suite of industry-defining solutions and services put innovation, automation and connected data to work for customers and help them be safer, smarter, more efficient and more compliant. With more than 3,500 dedicated employees in 15 countries, we deliver the world's leading mobile technology platform. For more on Verizon Telematics, visit verizontelematics.com.
847.378.4398 | Juli.Burda@verizon.com
1Source: Berg Insight "Fleet Management in Europe, M2M Research Series" (2017)
View original content with multimedia:http://www.prnewswire.com/news-releases/verizon-telematics-continues-european-expansion-with-its-acquisition-of-movildata-internacional-300586883.html