Verizon Communications Inc. agreed to buy GPS vehicle-tracking company Fleetmatics Group Plc in an all-cash deal valued at $2.4 billion, vaulting the telephone giant deeper into the automotive-technology market.

Verizon will pay $60 a share, a 40 percent premium to Fleetmatics’ closing price last week, according to a statement Monday. The company, based in Dublin, develops software that tracks commercial drivers’ vehicle location, fuel usage, speed and mileage for better fleet management. The deal is expected to close in the fourth quarter.