Verizon To Buy IoT Solutions Provider Sensity Systems; Terms Not Disclosed

(RTTNews) - Verizon Communications Inc. (VZ) announced Monday that it has signed an agreement to purchase Sensity Systems Inc., a California-based private company providing IoT solutions. Terms of the transaction have not been disclosed.

The acquisition is subject to customary regulatory approvals and is expected to close in fourth-quarter 2016.

Sensity Systems capitalizes on conversions to LED lighting to create a high-speed, sensor-based, multiservice internet of things or IoT platform.

With the deal,Verizon said it seeks to add a leading comprehensive suite of smart city solutions enabled by its ThingSpace IoT platform to help communities increase economic development, drive citizen engagement and enable sustainability.

Mike Lanman, senior vice president - Enterprise Products and IoT at Verizon, said: "….this transaction will accelerate the deployment of large-scale implementations that will drive the digital transformation of cities, universities and venues. Verizon is uniquely positioned through its infrastructure investments at the network, platform and application levels to provide holistic solutions that empower communities to address their most pervasive challenges."

In connection with the transaction, Weil, Gotshal & Manges LLP acted as legal advisor to Verizon. Pagemill Partners acted as financial advisor to Sensity, and Fenwick & West LLP acted as legal advisor.