The company, based in New York City, is a developer involved in the creation of smart cities. Founder and CEO Randy Ramusack once worked as the CTO of Microsoft Switzerland and the CIO of Microsoft UK.
LQD WiFi’s main product, called Palo, is an outdoor interactive display that provides WiFi, news, emergency alerts and community information. The devices also collect crowd data and weather information. Palo competes with similar interactive smart city devices such as Link NYC. Palo devices are soon to be pilot tested at various locations in New Rochelle, N.Y.
In a statement, Mike Lanman, SVP, Enterprise Products and Internet of Things at Verizon, said, “LQD’s Palo technology hubs capture Verizon’s vision of delivering citizen engagement experiences by connecting people with their communities while providing critical security, transportation and way-finding solutions as well as Wi-Fi capabilities.”
Verizon’s acquisition comes as part of larger developments to build up its IoT business. One goal is to offset declines in its legacy services — notably fixed-line telecommunications.
“This transaction uniquely positions us to utilize our unmatched infrastructure, platforms and network at scale to deploy elegant and engaging community technology hubs that connect, inform, inspire and support people where they live, work and play,” said Lanman.
LQD WiFi is the fourth such acquisition by Verizon in 2016. Other Verizon IoT acquisitions include Sensity Systems, Fleetmatics and Telogis —providing LED-controlling tech, telematics and connected car technology, respectively.
Verizon reportedly took in $132 billion of revenue in 2015. They currently service 113.7 million wireless customers. Other recent Verizon acquisitions include AOL last year and the ongoing acquisition of Yahoo.