Verizon seems to be on a spending spree. After acquiring Yahoo for just shy of $5 billion, the major wireless company has bought Fleetmatics for $2.4 billion.
The GPS vehicle-tracking firm was bought in an all-cash deal at a premium of 40% over its stock price. The US company develops software that shows fleet operators vehicle location, fuel usage, and other information, including a driver behavior data.
Verizon, already America’s largest wireless company, continues to seek the addition of new revenue streams.