Share this article:
Verizon Communications Inc. will buy Aliso Viejo-based Telogis Inc. on undisclosed terms.
Telogis makes logistics software that helps companies track and optimize vehicle fleets.
New York-based Verizon will add Telogis to its Verizon Telematics unit.
“Verizon provides … brand equity, strength in the market, broad infrastructure and expansive global reach,” said Telogis Chief Executive David Cozzens in a statement. The deal “positions our collective technologies and services uniquely in the market.”
Telogis’ annual revenue has topped $100 million, according to Business Journal research, and it has been one of the fastest growing private companies in Orange County.
The company was thought late last year to be considering an initial public offering.
“An IPO is certainly an option for us,” co-founder Newth Morris told the Business Journal in October. “We are constantly evaluating financing options and market conditions to develop our best path for growth.”
Telogis last year signed technology deals with Apple Inc. and AT&T Inc. In past years it made fleet management agreements with Ford, General Motors, Isuzu, Volvo Group’s North American trucks unit and Manitowoc Cranes.
A venture capital funding round in May 2015 brought Telogis’ total raised to more than $120 million.
Backers include Kleiner Perkins Caufield & Byers; GM Ventures, the venture capital arm of General Motors; and Fontinalis Partners LLC, co-founded by William Clay Ford Jr., executive chairman of Ford Motor Co. and son of the Detroit Lions owner.
The company was founded in 2001 and employed about 150 here out of about 700 total, making it the 15th largest software firm based here.
The Business Journal named Telogis the technology “company to watch” in 2015 and Morris received one of the publication’s inaugural Innovator of the Year awards in September.