PHOENIX, Oct. 16, 2019 /PRNewswire/ -- Verra Mobility (NASDAQ: VRRM), a global leader in smart transportation, today announced it has signed an agreement to acquire Spanish company Pagatelia, a European leader in electronic tolling throughout Spain, Portugal, France and Italy. This acquisition enables Verra Mobility to accelerate its expansion of tolling solutions for rental car and fleet companies across Europe in a rapidly growing global tolling market expected to multiply from 196 million tolling vehicles to more than 540 million by 2025. (Source: Global Electronic Tolling Collection studies by Ptolemus)
"We have taken large and critical steps in European expansion, first with our acquisition of European Parking Collection (EPC) last year, followed by our partnership with APRR in May," said David Roberts, CEO, Verra Mobility. "The acquisition of Pagatelia is one more step in this journey. Their tolling interoperability across southwestern Europe, along with their existing tolling authority relationships, allow us the capability to launch fleet and rental car solutions with broader offerings to customers for increased European growth. We partner with the largest North American rental car and fleet management companies to offer value-add toll solutions, and it makes sense that we expand those services into Europe, as well. We're delighted to welcome the company and its employees to Verra Mobility."
Pagatelia's platform manages electronic tolling transactions from more than 500,000 devices. Current customers include highway and parking operators, car manufacturers, financial institutions and individual drivers. Virtual payment accounts are created on the Pagatelia platform for tolling and parking payment where customers can choose from various tolling plans that enable access to toll roads across four countries without ever stopping at queues or paying penalties.
"We are excited to become part of Verra Mobility," said Ramón Cereijo, CEO, Pagatelia. "Our work in Spain, Portugal, France and Italy further complements Verra Mobility's European tolling and parking offering. Their resources and experience as a leader in global mobility can augment our current portfolio and enhance the pan-European travel experience for Verra Mobility customers."
The transaction is expected to close at the end of October, subject to customary closing conditions.
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, 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. A leading provider of connected systems, Verra Mobility processes millions of transactions each year through connectivity with more than 50 individual tolling authorities and more than 400 issuing authorities. The company also 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 more than 15 countries. For more information, visit www.verramobility.com.
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SOURCE Verra Mobility