After opting out of an initial public offering, telematics provider #Telogis Inc. has decided to sell itself to #Verizon Communications (VZ) as deal activity in the transportation technology sector heats up.
Verizon announced Tuesday afternoon that it has agreed to purchased Telogis through its Verizon Telematics Inc. subsidiary for an undisclosed sum.
The deal clearly isn't big enough to move the stock much, as Verizon's shares traded down 0.1% mid-day Wednesday to $54.06. But Teologis adds to the company's presence in transportation tech.
TheStreet's subsidiary, The Deal, reported in February that the venture capital-backed telematics provider had started to explore a sale of a minority stake or the entire company after opting out of an initial public offering.
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