Business
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 /PRNewswire/
About this update from Verra Mobility Corporation
[{"type":"text","content":"Acquisition expands Verra Mobility's portfolio of smart mobility technologies that make transportation safer and easier\n\n\nMESA, Ariz., Nov. 2, 2021 /PRNewswire/ -- 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. \n\n \n \n \n \n \n \n\n \nVerra 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.\nT2 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.\n\"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.\"\n\"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.\"\n\"We are proud of what we accomplished in partnership with Adam Blake and ...