Trade Resources Company News Agree an Agreement to Acquire The Italy-Based Autom

Agree an Agreement to Acquire The Italy-Based Autom

British telecommunications company Vodafone has signed an agreement to acquire the Italy-based automotive technology provider Cobra Automotive Technologies for EUR145m.

The move is part of part of the telecommunications company's plans to expand machine-to-machine (M2M) industry connectivity for millions of devices such as cars and other machines.

Vodafone M2M Director Erik Brenneis said the combination of Cobra will create a new global provider of connected car services.

"We plan to invest in the business to offer our automotive and insurance customers a full range of telematics services," Brenneis added.

The acquisition is expected to support Vodafone's plans to connect devices within sectors including healthcare, automotive, transportation and energy.

Cobra Automotive Technologies is a provider of security, telecommunications and vehicle tracking for the automotive and insurance industries.

According to reports, the mobile carriers around the world consider M2M to be a significant source of growth with growing usage of devices such as smart meters, which monitor energy usage at homes or devices in offices.

 

Source: http://automobiletechnology.automotive-business-review.com/news/vodafone-agrees-to-buy-automotive-technology-startup-cobra-for-145m-160614-4293927
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Vodafone Agrees to Buy Automotive Technology Startup Cobra for Eur145m
Topics: Auto Parts