Geotab Announces the Acquisition of the Commercial Operations of Verizon Communication’s (VZ) Connect Telematics Business

Verizon Communications Inc. (NYSE:VZ) is one of the Best and Cheap Stocks to Buy Right Now. On October 1, Geotab announced the acquisition of the commercial operations of Verizon Communications Inc. (NYSE:VZ)’s Connect telematics business in several countries, including the UK, Ireland, Italy, France, Germany, the Netherlands, Poland, Portugal, and Australia.

Management noted the acquisition does not include the company’s Connect products, engineering, and other non-sales-focused teams. Geotab operates in connected vehicle solutions, and this strategic move helps expand in key international markets by strengthening its position among small to mid-sized fleet companies.

Moreover, as a result of this acquisition, over 400 Verizon Connect employees in Europe and Australia will join Geotab. Management noted that the integration will take effect immediately, and Verizon Connect customers in these regions will experience a smooth transition.

Verizon Communications Inc. (NYSE:VZ) is a holding company that offers communications and technology services through its subsidiaries.

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Disclosure: None. This article is originally published at Insider Monkey.