Qualcomm, Verizon In Joint Venture

San Diego-based Qualcomm and telecom provider Verizon Wireless are in a deal around wireless communications for smart devices, the two said today. According to the two, they will work on machine-to-machine wireless communications offerings through a yet-to-be-named joint venture. The two will be equal owners in the new company, which will connect devices in the healthcare, manufacturing, utilities, distribution, and consumer products area via wireless networks. The firm specifically highlighted an interest in smart grid technology, connecting utility grid assets via wireless networks to central management and monitoring systems. The new venture will be headed by Steve Pazol, previously VP of Global Smart Services at Qualcomm. No financial details behind the new joint venture were released by either of the firms.