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16 June 2014
| Kavit Majithia
Vodafone has announced a deal to acquire Italian electronics services provider Cobra Automotive Technologies for €145 million.
Cobra provides a range of
security, telecoms and vehicle tracking services for the
automotive and insurance sectors, and Vodafone’s latest play is part of
its wider M2M strategy.
Vodafone said it is aiming to connect millions of devices
– including cars and other machines – to
stimulate growth in the M2M market.
The sector has grown significantly in recent years, with telcos
developing solutions for smart meters to monitor energy usage
in homes, for example.
"The combination of Vodafone and Cobra will create a new global
provider of connected car services," said Erik Brenneis,
director of M2M at Vodafone. "We plan to invest in the business
to offer our automotive and insurance customers a full range of
Vodafone will offer €1.49 a share to buy out shareholders
in the company.
internet of things,