Verizon Wireless, Qualcomm Announce JV

Verizon Wireless and Qualcomm announce joint venture to provide advanced M2M solutions

July 28, 2009

1 Min Read

SAN DIEGO and BASKING RIDGE, N.J. -- Qualcomm Incorporated (Nasdaq: QCOM) and Verizon Wireless today announced an agreement to form a joint venture to provide machine-to-machine (M2M) wireless communications and smart services offerings across a wide variety of market segments, including healthcare, manufacturing, utilities, distribution and consumer products. Capitalizing on the growth of M2M and smart services, the joint venture (name still to be determined), which will be equally owned by Qualcomm and Verizon Wireless, will be well positioned to provide a single source for end-to-end M2M solutions.

Smart services are the new services and business models enabled by M2M capabilities. For example, smart grid technology enables utilities to wirelessly connect to their grid assets, such as circuit breakers, transformers and other sub-station equipment. This wireless monitoring capability allows them to develop interactive utility networks that are more intelligent, resilient, reliable and self-balancing.

"The Verizon Wireless vision for bringing the benefits of 'everything connected' to the marketplace started with the introduction of the open development business and the selection of LTE technology for our 4G network," said Anthony Lewis, vice president of open development at Verizon Wireless. "We understand that no single company will be able to provide every aspect of the new M2M ecosystem on its own. This distinctive partnership with Qualcomm allows us to swiftly build on the strengths of each company's M2M strategy. The JV's focus on unlimited innovation will enable the production of next-generation products and services that will release the full power and potential of our network for customers."

Verizon Wireless

Qualcomm Inc. (Nasdaq: QCOM)

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