subscription to Fleetmatics' existing installed base. Terms of the transaction, which closed on November 1, 2016, have not been disclosed.
"Building a presence in mainland Europe has been a strategic goal for Fleetmatics, and with the acquisition of TrackEasy, we believe we have solidified our position as one of the leading competitors in Europe," said Jim Travers, Fleetmatics CEO and Chairman of the Board. "TrackEasy and Fleetmatics share many commonalities including rapid growth and a strong commitment to customer satisfaction, as well as a focus on SMBs."
Germany and Poland represent two strategic markets for Fleetmatics in Europe. Both are large and relatively unpenetrated markets with healthy economies poised for growth. According to leading industry analyst firm Berg Insight1, these countries combined represent close to seven million commercial vehicles. With this acquisition, Fleetmatics' footprint in Europe now includes the U.K., Ireland, France, Italy, Poland, the Netherlands, Germany and Portugal.
All TrackEasy employees have joined the Fleetmatics team and will be driving sales and support of its current TrackEasy solution in Germany and Poltrack solution in Poland. In addition, TrackEasy will begin to offer Fleetmatics' REVEAL™ in early 2017. All products provide world-class vehicle tracking and business intelligence solutions designed to help drive savings and improve productivity for virtually any mobile workforce.
"We're proud of the successful company we have built over the years. Our growing and highly satisfied customer base is proof of our commitment to help businesses across Germany and Poland drive savings and improve productivity," Markku Lappalainen, Group CEO. "By teaming with Fleetmatics, together we will better serve our customers by providing best-in-class vehicle tracking and business intelligence solutions."
Fleetmatics and Verizon Communications Inc. recently announced they've entered into a definitive agreement under which Verizon will acquire Fleetmatics. The acquisition is expected to close in the fourth quarter of 2016.