Verizon Communications completed its previously announced acquisition of HUGHES Telematics Inc.(HTI), providing the company with much greater resources for the delivery of automotive and fleet telematics and machine-to-machine services.
“Machine-to-machine services are beginning to play a vital role reshaping the business landscape and setting new consumer expectations about establishing valuable connections in their vehicles, their homes and the world around them,” said John Stratton, president of Verizon Enterprise Solutions.† “This powerful combination will create a springboard for our clients to expand their business models and strengthen their customer relationships by creating new opportunities for connected services that address the increasingly sophisticated consumer and enterprise.”†
- Earlier this year, Verizon launched a new practice focused on developing telematics solutions that leverage the company’s cloud and information technology (IT), security, global IP network and communications, and mobility and M2M technology platforms.
- Hughes Telematics, Inc. (HTI) was founded in 2006 as a private company with initial financial backing from Apollo Management, one of the world largest private equity firms. Apollo Management maintains an investment portfolio of telecommunications and satellite companies including Hughes Communications.
- In April 2009, HTI merged with Polaris Acquisition Corporation resulting in a publicly traded company on the OTC under the symbol HUTC.