NEW YORK, April 15, 2016 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT), one of the largest out-of-home media companies in the U.S., announced today a strategic investment in Waltz (formerly Concord Payments), a New York City-based digital payment systems start-up. Waltz is developing an intelligent mobile-focused transit fare payment system to provide a secure, fast, and efficient transaction between any smartphone and turnstiles, buses or platform validators. Waltz's solution will also seamlessly integrate with other large-scale payment system providers and third-party vendors. Waltz anticipates that transforming analog ticketing and fare payment systems into a digital, smart and connected operation will benefit riders, dramatically reduce operating costs for transit systems and create new revenue opportunities for operators. OUTFRONT Media believes next-generation mobile payments at subway system turnstiles can create new ways for our transit advertising partners to attract audience attention and provide an easy payment solution for all future transit commerce opportunities.
"Our investment in Waltz furthers OUTFRONT's mission to continue to enhance the transit ecosystem, benefiting municipalities, riders, and advertising partners," said Andy Sriubas, Executive Vice President, Strategic Planning & Development, OUTFRONT Media. "We're thrilled to work with Waltz to help operators revolutionize the transit experience."
"OUTFRONT's support and vision for a holistic digital experience in the transit environment will advance our progress toward bringing this exciting mobile payment solution to transit systems," said Matt Kopel, Founder and Chief Executive Officer, Waltz. "With OUTFRONT's extensive transit advertising experience and their innovative ON Smart Media platform, we are one step closer to creating a more convenient, seamless and secure passenger journey."
OUTFRONT Media currently sells advertising for over seventy transit authorities including Los Angeles, New York, Washington, D.C., Atlanta, Detroit, San Francisco, and Miami.
About OUTFRONT Media Inc.
OUTFRONT Media is one of the largest out-of-home media companies in North America with a leading presence in top markets throughout the United States and Canada. OUTFRONT has a diverse portfolio of billboard, transit and digital displays reaching mass audiences, as well as a distinct offering of prime assets impacting select markets. Our recently launched ON Smart Media platform is redefining the out-of-home space with hardware and software solutions for precise demographic and location targeting, and engaging ways to connect with increasingly mobile consumers.
Waltz seeks to bring the transit experience into the digital age by crafting bespoke products and services to enable seamless, secure entry and navigation for riders, and by architecting scalable and highly-functional systems at a fraction of the capital and temporal outlay for operators. Waltz is committed to enriching the urban experience by moving sustainable transit into the future, and making cities and their culture more accessible to residents and visitors alike.
Cautionary Statement Concerning Forward-Looking Statements
We have made statements in this press release that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as "will," "believes" and "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions related to our capital resources, portfolio performance and results of operations and related to Waltz. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: declines in advertising and general economic conditions; competition; government regulation; our ability to obtain and renew key municipal contracts on favorable terms; content-based restrictions on outdoor advertising; seasonal variations; our ability to contribute certain contracts to a taxable real estate investment trust subsidiary; and other factors described in our filings with the Securities and Exchange Commission (the "SEC"), including but not limited to the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 29, 2016. All forward-looking statements in this press release apply as of the date of this press release or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors of new information, data or methods, future events or other changes.
SOURCE OUTFRONT Media Inc.