Business
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
About this update from Verra Mobility Corporation
[{"type":"text","content":"- Expands Verra Mobility's capabilities into rapidly growing North American parking management market\n - Adam Blake, CEO of T2 Systems, joins Verra Mobility's executive leadership team\n\n\nMESA, Ariz., Dec. 7, 2021 /PRNewswire/ -- 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.\n\n \n \n \n \n \n \n\n \nVerra Mobility previously announced entry into the agreement to acquire T2 Systems from software investment firm Thoma Bravo in November 2021.\nT2 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. \n\"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 Systems team to Verra Mobility, and we look forward to continuing to deliver the customer service excellence that has defined the T2 brand for years.\"\nT2 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.\n\"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.\" \nAbout Verra Mobility\nVerra 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 to...