(MENAFN) Vodafone announced buying an Italian car electronics maker for USD197 million, in a bid to offset slowing growth in its core mobile phone business, The Peninsula Qatar reported.
This comes as telecoms and technology firms are looking to tap an expected surge in demand for so-called machine-to-machine (M2M) communications, which is connecting products to the internet.
Cars top the new industry list, as manufacturers try to add new features such as streaming music, playing audio books, navigation aids and security improvements to their vehicles.
"We plan to invest in the business to offer our automotive and insurance customers a full range of telematics services," Director of M2M at Vodafone said.
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