Verra Mobility has acquired provider of parking solutions T2 Systems from Thoma Bravo for $347 million in a move which expands its portfolio of smart mobility technologies.
Verra CEO David Roberts says: “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.
“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.”
Verra says T2 serves more than 1,900 customers with a range of parking management solutions, including kerbside management, mobile payments, contactless transactions and transportation demand management.
The T2 Link unified platform provides customers with a central source to manage their entire parking operation.
Earlier this year, Verra acquired Redflex Holdings as part of a $113m deal.
