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Verizon to Strengthen Foothold in Connected Vehicle Market
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The U.S. telecom behemoth Verizon Communications Inc. (VZ - Free Report) has decided to acquire privately held Telogis Inc., a California-based developer of cloud-based solutions for mobile workforces, specifically telematics, compliance and navigation software. The financial terms of the deal are yet to be disclosed. The deal is expected to be closed in the second half of 2016 subject to customary regulatory approval.
Verizon is an already active player in the fleet management and telematics business through its Verizon Telematics subsidiary, which has operations in 40 countries. Telogis' products and services are used and distributed in more than 100 countries worldwide. Notably, Telogis has a powerful clientele boasting names like General Motors Co. (GM - Free Report) , Ford Motor Co. (F - Free Report) and Volvo among others. Telogis’ state-of-the-art software platform will significantly enhance Verizon Telematics’ distribution relationship business for connected vehicles and mobile enterprise management.
The connected vehicle market is gradually developing into a major growth area for large telecom and technology firms. Apart from Verizon, U.S. telecom giant AT&T Inc. (T - Free Report) has a strong presence in this field. The connected vehicle market will get a major boost from the next generation of wireless breakthrough technology – 5G. Currently, Verizon, among the top U.S. wireless carries, is leading the race for 5G network.
Verizon will start field trials for its upcoming 5G wireless network with its partners in 2016. The company is preparing for initial deployment of the next-generation 5G wireless networks in the U.S. in 2017. The company is looking at mobile hotspot and fixed wireless for initial deployment of the 5G standard. The company is initially testing equipment at 15GHz, 28GHz, 39GHz and 64GHz frequency bands for 5G network deployments.
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Verizon to Strengthen Foothold in Connected Vehicle Market
The U.S. telecom behemoth Verizon Communications Inc. (VZ - Free Report) has decided to acquire privately held Telogis Inc., a California-based developer of cloud-based solutions for mobile workforces, specifically telematics, compliance and navigation software. The financial terms of the deal are yet to be disclosed. The deal is expected to be closed in the second half of 2016 subject to customary regulatory approval.
Verizon is an already active player in the fleet management and telematics business through its Verizon Telematics subsidiary, which has operations in 40 countries. Telogis' products and services are used and distributed in more than 100 countries worldwide. Notably, Telogis has a powerful clientele boasting names like General Motors Co. (GM - Free Report) , Ford Motor Co. (F - Free Report) and Volvo among others. Telogis’ state-of-the-art software platform will significantly enhance Verizon Telematics’ distribution relationship business for connected vehicles and mobile enterprise management.
The connected vehicle market is gradually developing into a major growth area for large telecom and technology firms. Apart from Verizon, U.S. telecom giant AT&T Inc. (T - Free Report) has a strong presence in this field. The connected vehicle market will get a major boost from the next generation of wireless breakthrough technology – 5G. Currently, Verizon, among the top U.S. wireless carries, is leading the race for 5G network.
Verizon will start field trials for its upcoming 5G wireless network with its partners in 2016. The company is preparing for initial deployment of the next-generation 5G wireless networks in the U.S. in 2017. The company is looking at mobile hotspot and fixed wireless for initial deployment of the 5G standard. The company is initially testing equipment at 15GHz, 28GHz, 39GHz and 64GHz frequency bands for 5G network deployments.
Verizon currently carries a Zacks Rank #3 (Hold).
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