06/18/2021 | Press release | Distributed by Public on 06/17/2021 20:02
The acquisition catapults Verra Mobility's traffic safety offerings globally.
MESA, AZ. - Verra Mobility (NASDAQ: VRRM), a leader in smart mobility technology, confirmed today the acquisition of Redflex Holdings Limited ('Redflex') and its subsidiaries, a global innovator of traffic and safety solutions. The acquisition significantly increases Verra Mobility's scale and global reach, expands its portfolio of smart transportation solutions, and opens new opportunities to make mobility safer and easier in the Asia-Pacific, Europe, the Middle East, Africa, and the Americas.
'This acquisition is not only a major step forward for these two companies, but also for the communities we serve worldwide,' said Verra Mobility CEO David Roberts. 'It will allow us to expand the solutions we are able to offer communities that positively impact driver behavior and build safer cities.'
Redflex CEO Mark J. Talbot will join the Verra Mobility executive leadership team and lead Verra Mobility's Government Solutions business unit.
'Verra Mobility and Redflex bring to the table more than 50 years of combined experience in the traffic safety and smart transportation industry,' said Talbot. 'With the 'best of both' companies, Verra Mobility is well-positioned as a global leader in innovative transportation solutions, which will accelerate our plans to create smarter more livable cities.'
As a result of the completion of the acquisition, Redflex has become a wholly owned subsidiary of Verra Mobility and shares of Redflex will no longer be listed for trading on the Australian Securities Exchange, which is expected to take effect as of the close of market on June 21, 2021.
For more information, visit verramobility.com.
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 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. It also 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 through integration with more than 50 individual tolling authorities and connectivity with more than 450 issuing authorities. For more information, visit verramobility.com.
Over the past 25 years, Redflex established itself as a world leader in developing and implementing intelligent traffic management products and services which are sold and managed in the Asia Pacific, North America, United Kingdom, Europe, and Middle East regions. Redflex develops, manufactures, and operates a wide range of platform-based solutions all utilizing advanced sensor and image capture technologies enabling active management of state and local motorways.
Redflex runs its own systems engineering operations, system integration technologies and innovation center for research and development. With a continuous program of product development, Redflex has been helping to improve roadway safety, alleviate congestion and reduce the harmful impacts of vehicle emissions.
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 Company, 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 the Company's other press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand the Company'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.