Verizon’s $2.4bn (€2.14bn) acquisition of Dublin-based Fleetmatics represents not only a major win for the Irish software sector but a continued shift by telecom companies feeling the pinch in traditional business sectors.

The specialist technology company for the haulage industry, Fleetmatics, has reported annual revenues of $284.8m (€256m) for 2015; 23% up on the previous year.