MESA, 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.
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
Link™ 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.
Media
Relations:
|
Investor
Relations:
|
Eric
Krantz
|
IR@verramobility.com
|
eric.krantz@verramobility.com
|
|
Phone: (480)
596-4862
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SOURCE Verra Mobility