With an aim to strengthen its presence in machine-to-machine (M2M) market, UK-based telecom operator Vodafone Plc is acquiring Italian security and telematics firm Cobra Automotive Technologies (Cobra) for €145 million.

Vodafone has entered into an agreement with the majority shareholders of Cobra, which hold 73.96 per cent of the share capital in the company. In addition, the operator has also entered into an agreement with minority shareholders of Cobra’s Telematics subsidiary to acquire their 20 per cent stake for €20 million.

Following the acquisition, Vodafone plans to offer a wide range of telematics services to automotive and insurance customers.