Verizon Communications (NYSE: VZ) has called on Microsoft (NASDAQ: MSFT) to help in its efforts to deliver Internet of Things (IoT) functionality to the world.
In a press release issued Thursday, Verizon announced that its ThingSpace IoT platform, its 5G/LTE network, and its Critical Asset Sensor devices have all been integrated with Microsoft Azure, the tech giant's popular cloud services offering. The goal is to help companies develop and deploy IoT solutions with relative speed and simplicity.
The newly beefed-up platform is already available for use globally. Potential users can sign up for it on Verizon's website.
"By integrating the Verizon and Microsoft platforms, we are enabling IoT builders to more easily get their solutions to market, and ultimately, into the hands of users," the telecom giant said in its press release. "It's about moving the IoT industry forward and making it easier for businesses and consumers to benefit from IoT innovation."
Verizon noted that veteran tech company Cognizant Technology Solutions has already put the integrated platform to use, leveraging it to create an Internet of Things application to assist with various aspects of the management of perishable items such as pharmaceuticals and food. This is particularly timely given the challenges of getting such items to market during the coronavirus pandemic.
Although IoT is not as much of a buzzy investor acronym as it was several years ago, the technology itself still holds vast potential as it can enhance a great many systems and processes.
The terms and costs of Verizon and Microsoft's new collaboration have not been made public.
10 stocks we like better than Verizon Communications
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Verizon Communications wasn't one of them! That's right -- they think these 10 stocks are even better buys.
*Stock Advisor returns as of June 2, 2020
Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool's board of directors. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Cognizant Technology Solutions and Microsoft. The Motley Fool recommends Verizon Communications and recommends the following options: long January 2021 $85 calls on Microsoft and short January 2021 $115 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.