Tag Archives for: Verra Mobility

Verra Mobility Appoints Jon Baldwin as EVP of Government Solutions

March 23, 2022

 

Verra Mobility Appoints Jon Baldwin as EVP of Government Solutions

 

 

 

MESA, Ariz., March 23, 2022  — Verra Mobility (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today the appointment of Jon Baldwin as Executive Vice President of Government Solutions, effective April 4, 2022.

Mr. Baldwin previously served as President of Fortive’s Gems, Sensors and Controls business, a global supplier of industrial sensors and control components. He brings 26 years of experience leading global business operations, including a focus on business-to-government software and services.

Mr. Baldwin will be a key member of Verra Mobility’s executive team and will report directly to CEO David Roberts.

“I am honored to welcome Jon Baldwin and look forward to working with him,” said David Roberts, president and CEO, Verra Mobility. “We are well-positioned to help our customers solve emerging urban mobility challenges, while also improving safety, sustainability and compliance. Jon’s expertise in leading large, complex operations will be vital to growing our global Government Solutions business.”

Prior to joining Fortive, Mr. Baldwin served as the General Manager for Texas Instruments’ Precision Signal Path business unit. He also held leadership roles in marketing, business development and strategy for National Semiconductor Corporation, Samplify Systems, Inc. and Analog Devices, Inc. He began his career at Raytheon Technologies as a systems engineer.

Mr. Baldwin earned an MBA and a Master of Science in Electrical Engineering from Northeastern University in Boston, and a Bachelor of Science in Electrical Engineering from the University of Connecticut.

Verra Mobility’s Government Solutions business delivers technology solutions to cities around the world to help make transportation safer and more efficient. It is a leading provider of red-light and speed safety camera systems in the U.S. and Australia. Government Solutions also delivers school bus stop-arm safety technology to help protect schoolchildren, as well as a range of urban mobility solutions to enhance compliance and optimize mobility. As an end-to-end solution partner, it supports the back-office processing for tens of millions of traffic safety and mobility events each year.

About Verra Mobility

Verra Mobility (NASDAQ: VRRM) is committed to developing and using the latest in technology and data intelligence to help make transportation safer and easier. As a global company operating in more than 15 countries, Verra Mobility sits at the center of the mobility ecosystem – one that brings together vehicles, devices, information, and people to solve the most complex challenges faced by our customers and the constituencies they serve.

Verra Mobility serves the world’s largest commercial fleets and rental car companies to manage tolling transactions and violations for millions of vehicles. As a leading provider of connected systems, Verra Mobility processes millions of transactions each year through integration and connectivity with hundreds of tolling and issuing authorities. Verra Mobility fosters the development of safe cities, partnering with law enforcement agencies, transportation departments and school districts, operating thousands of red-light, speed, bus lane and school bus stop arm safety cameras. Arizona-based Verra Mobility operates in North America, Europe, Asia, and Australia. For more information, please visit www.verramobility.com.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about Verra Mobility’s plans, objectives, expectations, beliefs and intentions and other statements including words such as “hope,” “anticipate,” “may,” “believe,” “expect,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology. The forward-looking statements herein represent the judgment of the Verra Mobility, as of the date of this release, and Verra Mobility disclaims any intent or obligation to update forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. This press release should be read in conjunction with the information included in Verra Mobility’s other press releases, reports and other filings with the SEC and on the SEC website, www.sec.gov. Understanding the information contained in these filings is important in order to fully understand Verra Mobility’s reported financial results and our business outlook for future periods. Actual results may differ materially from the results anticipated in the forward-looking statements and the assumptions and estimates used as a basis for the forward-looking statements.

Media Relations: 
Eric Krantz
eric.krantz@verramobility.com

Investor Relations:
Mark Zindler
mark.zindler@verramobility.com

Verra Mobility Receives Contract Renewal from New York City

February 07, 2022

 

Verra Mobility Receives Contract Renewal from New York City

 

 

 

Three-year renewal of the photo enforcement contract to increase the number of red-light cameras, bus lane cameras and speed cameras, and include additional maintenance services

 

 

MESA, Ariz., Feb. 7, 2022  — Verra Mobility (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today that the New York City Department of Transportation exercised its second three-year renewal option under its photo enforcement contract with Verra Mobility. The contract, which was registered in 2014, presently covers hundreds of red-light, bus lane, mobile speed and fixed speed photo enforcement cameras that help promote safe driving behaviors.

Verra Mobility also provided additional speed cameras under a separate contract with New York City that commenced in late 2019.

This renewal provides for an expansion of 100 additional red-light cameras and 150 bus lane cameras, and it also includes certain negotiated price reductions. In addition, the renewal will cover the maintenance of the speed cameras that Verra Mobility installed under the 2019 contract.

These camera systems significantly lower the prevalence of dangerous driving behaviors like speeding and red-light running.

“We are proud to continue serving New York City in pursuit of its bold and transformative Vision Zero mission,” said David Roberts, president and CEO, Verra Mobility. “Our solutions play a key role in keeping drivers and pedestrians safe while helping make roadways smarter and more efficient.”

About Verra Mobility

Verra Mobility (NASDAQ: VRRM) is committed to developing and using the latest in technology and data intelligence to help make transportation safer and easier. As a global company operating in more than 15 countries, Verra Mobility sits at the center of the mobility ecosystem – one that brings together vehicles, devices, information, and people to solve the most complex challenges faced by our customers and the constituencies they serve.

Verra Mobility serves the world’s largest commercial fleets and rental car companies to manage tolling transactions and violations for millions of vehicles. As a leading provider of connected systems, Verra Mobility processes millions of transactions each year through integration and connectivity with hundreds of tolling and issuing authorities. Verra Mobility fosters the development of safe cities, partnering with law enforcement agencies, transportation departments and school districts, operating thousands of red-light, speed, bus lane and school bus stop arm safety cameras. Arizona-based Verra Mobility operates in North America, Europe, Asia, and Australia. For more information, please visit www.verramobility.com.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about Verra Mobility’s plans, objectives, expectations, beliefs and intentions and other statements including words such as “hope,” “anticipate,” “may,” “believe,” “expect,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology. The forward-looking statements herein represent the judgment of the Verra Mobility, as of the date of this release, and Verra Mobility disclaims any intent or obligation to update forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. This press release should be read in conjunction with the information included in Verra Mobility’s other press releases, reports and other filings with the SEC and on the SEC website, www.sec.gov. Understanding the information contained in these filings is important in order to fully understand Verra Mobility’s reported financial results and our business outlook for future periods. Actual results may differ materially from the results anticipated in the forward-looking statements and the assumptions and estimates used as a basis for the forward-looking statements.

Investor Relations:
ir@verramobility.com

Media Relations:
Eric Krantz
eric.krantz@verramobility.com

T2 Systems Acquires NuPark from Passport

December 14, 2021

 

T2 Systems Acquires NuPark from Passport

 

 

 

T2 Systems (“T2”) has acquired the NuPark solution from Passport. T2 will bring the best parts of NuPark together with existing T2 offerings to continue delivering best-in-class solutions for university and municipality customers that meet evolving post-pandemic needs.

“We appreciate the commitment of the NuPark team to convert customers to T2 and the diligence of the Passport team in making this happen. It is proof that competitive collaboration can be a win-win and is further evidence that the parking industry is a family that always strives to be better together,” said Adam Blake, President of T2 Systems.

T2 continues to innovate and grow, both organically and through acquisition, by listening to the needs of customers and anticipating industry trends. The acquisition of NuPark advances T2’s position as an industry leader delivering parking and mobility solutions that provide consumer choice through touchless, contactless, and mobile payment options, plus operational automation capabilities, all supported by the most knowledgeable, responsive customer experience resources in the industry.

 

About T2 Systems
www.t2systems.com

T2 is the largest provider of parking and mobility solutions in North America. With over 27 years in business, T2 now serves nearly 2,000 customers and maintains the largest Customer Community with over 5,000 active members. T2 helps universities, municipalities, operators, healthcare campuses, and transportation hubs generate revenue and operate efficiently with a comprehensive, integrated suite of solutions featuring touchless and contactless capabilities. From curbside management to gateless, from mobile payments to transportation demand management, T2 strives to make every trip a smooth journey by streamlining the parking, mobility, and transportation experience with technology solutions that help organizations manage resources, achieve goals, and empower consumers with choices.

VERRA MOBILITY COMPLETES ACQUISITION OF T2 SYSTEMS

December 09, 2021

 

 

 

VERRA MOBILITY COMPLETES ACQUISITION OF T2 SYSTEMS

 

 

 

 

– Expands Verra Mobility’s capabilities into rapidly growing North American parking management market

 

– Adam Blake, CEO of T2 Systems, joins Verra Mobility’s executive leadership team

 

 

 

MESA, AZ  — Verra Mobility (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today that it has completed its acquisition of T2 Systems, an expert in parking management solutions in North America, for $347 million on a cash-free and debt-free basis, plus an additional up to $9 million related to an impending asset acquisition by a wholly owned indirect subsidiary of T2 Systems.

Verra Mobility previously announced entry into the agreement to acquire T2 Systems from software investment firm Thoma Bravo in November 2021.

T2 Systems provides parking software and hardware solutions to more than 1,900 universities, municipalities, parking operators, healthcare facilities and transportation hubs. The business has nearly $80 million in revenue and approximately $21 million in adjusted EBITDA expected in 2021.

“Parking management is a cornerstone of smarter, more efficient roadways to support rapidly growing cities. This acquisition expands our portfolio of urban mobility solutions,” said David Roberts, President and CEO, Verra Mobility. “We are thrilled to welcome the talented T2 Systemsteam to Verra Mobility, and we look forward to continuing to deliver the customer service excellence that has defined the T2 brand for years.”

T2 Systems will operate as a distinct business unit within Verra Mobility. Adam Blake, who had served as CEO of T2 Systems, will join Verra Mobility’s executive leadership team and report directly to David Roberts.

“We are excited to join the Verra Mobility team and bring our industry-leading parking management expertise,” said Adam Blake, President, T2 Systems. “By leveraging Verra Mobility’s resources and industry knowledge, we will continue innovating and finding new ways solve problems for our customers.”

About Verra Mobility

Verra Mobility (NASDAQ: VRRM) is committed to developing and using the latest in technology and data intelligence to help make transportation safer and easier. As a global company operating in more than 15 countries, Verra Mobility sits at the center of the mobility ecosystem – one that brings together vehicles, devices, information, and people to solve the most complex challenges faced by our customers and the constituencies they serve.

Verra Mobility serves the world’s largest commercial fleets and rental car companies to manage tolling transactions and violations for millions of vehicles. As a leading provider of connected systems, Verra Mobility processes millions of transactions each year through integration and connectivity with hundreds of tolling and issuing authorities. Verra Mobility fosters the development of safe cities, partnering with law enforcement agencies, transportation departments and school districts across North America, operating thousands of red-light, speed, bus lane and school bus stop arm safety cameras. Arizona-based Verra Mobility operates in North America, Europe, Asia, and Australia. For more information, please visit www.verramobility.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about Verra Mobility’s plans, objectives, expectations, beliefs and intentions and other statements including words such as “hope,” “anticipate,” “may,” “believe,” “expect,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology. The forward-looking statements herein represent the judgment of the Verra Mobility, as of the date of this release, and Verra Mobility disclaims any intent or obligation to update forward-looking statements. This press release should be read in conjunction with the information included in Verra Mobility’s other press releases, reports and other filings with the SEC and on the SECwebsite, www.sec.gov. Understanding the information contained in these filings is important in order to fully understand Verra Mobility’s reported financial results and our business outlook for future periods. Actual results may differ materially from the results anticipated in the forward-looking statements and the assumptions and estimates used as a basis for the forward-looking statements.

Media Relations: Investor Relations:
Eric Krantz IR@verramobility.com
eric.krantz@verramobility.com
Phone: (480) 596-4862

Verra Mobility to Acquire T2 Systems, a Leading Provider of Parking Management Solutions, from Thoma Bravo

November 02, 2021

 

 

 

Verra Mobility to Acquire T2 Systems, a Leading Provider of Parking Management Solutions, from Thoma Bravo

 

 

Acquisition expands Verra Mobility’s portfolio of smart mobility technologies that make transportation safer and easier

 

 

MESA, Ariz., Nov. 2, 2021  — Verra Mobility (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today that it has signed an agreement to acquire privately held T2 Systems from leading software investment firm Thoma Bravo for $347 million on a cash-free and debt-free basis, plus an additional up to $9 million related to an impending asset acquisition by a wholly owned indirect subsidiary of T2 Systems. T2 Systems is a leading provider of parking solutions in North America, with nearly $80 million in revenue and approximately $21 million in adjusted EBITDA expected in 2021.

 

Verra Mobility will fund the all-cash transaction with a combination of current cash balances and accordion features in existing debt. The transaction is expected to close by the end of the fourth quarter.

 

T2 Systems provides an integrated suite of parking software and hardware solutions to universities, municipalities, parking operators, healthcare facilities and transportation hubs. Verra Mobility plans to operate T2 Systems as a distinct business unit.

 

“This acquisition complements our portfolio of urban mobility technology and allows us to continue growing revenue while diversifying our customer base. At just under 3.7x leverage at the end of Q3, this allows us to put our significant cash flow back to work for investors,” said David Roberts, president and CEO, Verra Mobility. “With the rapid growth of ride-sharing and last-mile delivery, cities need innovative solutions to solve traffic issues and optimize curbside management. Verra Mobility’s photo enforcement solutions coupled with T2 Systems’ parking technology will put us in a strong position to help cities adapt to these emerging complexities.”

 

“The combination of our unified parking and mobility management platform and Verra Mobility’s expertise in intelligent transportation systems will help deliver a streamlined transportation experience,” said Adam Blake, CEO, T2 Systems. “We are grateful to the Thoma Bravo team and excited to join the Verra Mobility team as we continue to innovate and improve the customer experience.”

 

“We are proud of what we accomplished in partnership with Adam Blake and the entire T2 team over the past five years. Today the company has a broader product offering, improved operations, and a stronger base of customers,” said A.J. Rohde, a Senior Partner at Thoma Bravo.

 

“With T2 Systems’ leading technology platform and the support of their new strategic partner, Verra Mobility, we look forward to watching T2 during its next chapter of growth as the leading provider of parking technology solutions,” added Matt LoSardo, vice president at Thoma Bravo.

 

During Thoma Bravo’s ownership, T2 Systems significantly grew its recurring software revenue, closed two add-on acquisitions, signed an additional asset acquisition, and introduced several new products.

 

T2 Systems serves more than 1,900 customers with a wide range of parking management solutions that includes curbside management, mobile payments, contactless transactions, and transportation demand management. The company offers a centralized, open platform covering the entire parking and mobility ecosystem. The T2 LinkTM unified platform provides customers with a central source to manage their entire parking operation including third-party integrations.

 

For more information about T2 Systems, please visit www.t2systems.com.

 

Shea & Company is acting as the exclusive financial advisor to T2 Systems and Thoma Bravo during the transaction.

 

 

About Verra Mobility

 

Verra Mobility (NASDAQ: VRRM) is committed to developing and using the latest in technology and data intelligence to help make transportation safer and easier. As a global company operating in more than 15 countries, Verra Mobility sits at the center of the mobility ecosystem – one that brings together vehicles, devices, information, and people to solve the most complex challenges faced by our customers and the constituencies they serve.

 

Verra Mobility serves the world’s largest commercial fleets and rental car companies to manage tolling transactions and violations for millions of vehicles. As a leading provider of connected systems, Verra Mobility processes millions of transactions each year through integration and connectivity with hundreds of tolling and issuing authorities. Verra Mobility fosters the development of safe cities, partnering with law enforcement agencies, transportation departments and school districts across North America, operating thousands of red-light, speed, bus lane and school bus stop arm safety cameras. Arizona-based Verra Mobility operates in North America, Europe, Asia, and Australia. For more information, please visit www.verramobility.com.

 

 

About Thoma Bravo

Thoma Bravo is one of the largest private equity firms in the world, with more than $83 billion in assets under management as of June 30, 2021. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging the firm’s deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Over the past 20 years, the firm has acquired more than 325 companies representing over $100 billion in enterprise value. For more information, visit thomabravo.com.

 

 

Forward-Looking Statements

 

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about Verra Mobility’s plans, objectives, expectations, beliefs and intentions and other statements including words such as “hope,” “anticipate,” “may,” “believe,” “expect,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology. The forward-looking statements herein represent the judgment of the Verra Mobility, as of the date of this release, and Verra Mobility disclaims any intent or obligation to update forward-looking statements. This press release should be read in conjunction with the information included in Verra Mobility’s other press releases, reports and other filings with the SEC and on the SEC website, www.sec.gov. Understanding the information contained in these filings is important in order to fully understand Verra Mobility’s reported financial results and our business outlook for future periods. Actual results may differ materially from the results anticipated in the forward-looking statements and the assumptions and estimates used as a basis for the forward-looking statements.

 

Verra Mobility Partners with Arrive to Improve the Parking and Tolling Experience via App for Drivers

November 20, 2019

 

 

 

Verra Mobility Partners with Arrive to Improve the Parking and Tolling Experience via App for Drivers

 


PHOENIX, Nov. 20, 2019  — Verra Mobility (NASDAQ: VRRM), a global leader in smart transportation, today announced a partnership with Arrive, the leading parking service provider across the United States and Canada.  The new relationship will deliver a user-friendly and more comprehensive mobility solution that conveniently combines tolling and parking into a single intelligent platform for drivers.

 

 

“As a company, we pride ourselves on our ability to simplify the growing and increasingly complex mobility ecosystem by creating an all-in-one platform that allows our customers to travel smarter, said David Roberts, president and CEO of Verra Mobility. “With this collaboration, we saw an opportunity to enhance our powerful tolling capabilities with Arrive’s parking prowess – another pain point drivers face.”

This partnership will enable Verra Mobility to infuse all of Arrive’s valuable parking data into a single mobility platform and deliver services through Peasy, Verra Mobility’s pay-as-you-go web and mobile tolling app. This app will now allow users to not only pay for tolls effortlessly, but also to find, book and pay for parking spaces the same way – cash-free and without headaches.

“Drivers and commuters should not have to download several apps to get around cities,” said Dan Roarty, President and COO of Arrive. “We are excited to work with Verra Mobility to integrate our platforms together in their Peasy app and provide customers a greater value.”

 

About Arrive

Arrive powers the last mile of connected mobility. The company delivers scalable, friction-free parking experiences through apps, voice and in-dash. Its fully integrated platform makes it easy for companies and brands to offer parking as a solution for drivers, fleets and connected vehicles. Millions of people across North America have access to Arrive-powered parking through the company’s distribution partners, including Amazon, Ford, Avis, Hyundai, Honda, TomTom, Ticketmaster/Live Nation, Groupon, and many others, and its consumer brands, ParkWhiz and BestParking. For more information, visit www.arrive.com.

About Verra Mobility

Verra Mobility (NASDAQ: VRRM) is committed to developing and using the latest in technology and data intelligence to help make transportation safer and easier. As a global company, Verra Mobility sits at the center of the mobility ecosystem – one that brings together vehicles, devices, information, and people to solve the most complex challenges faced by our customers and the constituencies they serve.

Verra Mobility serves the world’s largest commercial fleets and rental car companies to manage tolling transactions and violations for millions of vehicles. A leading provider of connected systems, Verra Mobility processes millions of transactions each year through connectivity with more than 50 individual tolling authorities and more than 400 issuing authorities.  The company also fosters the development of safe cities, partnering with law enforcement agencies, transportation departments and school districts across North America, operating thousands of red-light, speed, bus lane and school bus stop arm safety cameras.  Arizona-based Verra Mobility operates in more than 15 countries. For more information, visit www.verramobility.com.