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Verizon buys Telogis in connected vehicle market push

(Note/disclaimer: We are owned by Verizon, by way of AOL. This gives us no inside track whatsoever when it comes to news.) With a lot of tech companies and automakers staking their claims in the connected car space, now there are signs that others are looking to move in, too. Today, telecoms giant Verizon announced that it is acquiring Telogis, a California-based company that develops cloud-based solutions for mobile workforces, and specifically telematics, compliance and navigation software used by Ford, Volvo, GM and other car companies, as well as Apple and AT&T. Financial terms of the deal have not been disclosed, although we'll try to find out. Considering that Verizon in 2015 reported full-year revenues of $131.6 billion, the price would have to be very high to be considered "material" and may not be made public for some time, if ever. Telogis in its time as a startup raised a substantial amount of money, just over $126 million in all, including $93 million in 2013, supposedly ahead of an IPO, all from Kleiner Perkins Caufield & Byers. Back in 2013 when KPCB made its investment (which was the first from a VC firm in the company), Telogis told TechCrunch it was profitable and forecasting revenues of $100 million annually for the year. It's not clear what size those revenues are now, but if it was on the same growth trajectory as before the funding, sales would be around $150 million annually, with profitability, at the moment. Other investors include some very notable strategics: the investment arm of General Motors, and Fontinalis Partners, which also invests in Lyft and was co-founded by Bill Ford, the executive chairman of the Ford Motor Company. Before the acquisition, Verizon actually had a business in fleet management and telematics; in fact, the two companies competed against each other for business from the trucking and other industries. Verizon Telematics, as the business is called, is active in 40 countries. But in a way, Verizon buying Telogis is a sign that the latter may have proved to be the more superior, and the one with the key customer deals.

Volvo and Ericsson to take Spotify on the road

Volvo is working to bring Spotify to its vehicles. Ericsson has announced it will provide its Connected Vehicle Cloud service to Volvo for future products, and Spotify streaming music is part of that service. Like Toyota Entune and other infotainment services, the Connected Vehicle Cloud will use the driver's smartphone as a modem to stream music and serve as a base for other applications, all of which will be controllable through the vehicle interface. Expect to see the service launch in 2014, though Ericsson stresses later generations will feature an embedded modem with its own SIM card that will piggyback off of the owner's phone data plan.
But that system won't show up in production vehicles until at least 2016. In the interim, Ericsson says it will continue to work with government agencies on its car-to-car communication efforts. That program could eventually help pave the way toward autonomous road trains capable of helping vehicles travel safely together while also reducing traffic congestion. Wired has a full break down of the Connected Vehicle Cloud strategy. You can read it here.

Volvo Cars August sales down 4.6% year-on-year

HELSINKI — Sweden's Volvo Cars saw its August sales fall by 4.6% year-on-year to 43,666 vehicles as the global semiconductor shortage and other disruptions continued to hurt deliveries, the Swedish car maker said in a statement. Demand remained good, but the component shortages as well as power cuts and COVID-19 outbreaks in China interrupted output, the company said. Volvo Cars on Thursday said it would temporarily close its plant in the Chinese city of Chengdu due to local coronavirus restrictions and that a second facility had also been affected by recent lockdowns. The company's shares traded down 0.7% at 0737 GMT, lagging a 1% rise in Stockholm's benchmark index. (Reporting by Essi Lehto, editing by Terje Solsvik) Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.