NEW YORK (TheStreet) -- Shares of Verizon (VZ) were climbing in late-afternoon trading on Monday after the New York City-based telecommunications company bought privately-owned Sensity Systems for an undisclosed amount.
Sensity Systems, based in Sunnyvale, CA, has created a system in which LED lighting systems can be controlled remotely.
Verizon will integrate the technology with its Internet of things platform, called ThingSpace.
The transaction is expected to close in the 2016 fourth quarter.
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.
Verizon's strengths such as its solid stock price performance, expanding profit margins and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: VZ
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.