Vodafone strikes deal to step up M2M offering
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 telematics services.”
Vodafone will offer €1.49 a share to buy out shareholders in the company.