Welcome to our dedicated page for Verra Mobility news (Ticker: VRRM), a resource for investors and traders seeking the latest updates and insights on Verra Mobility stock.
Verra Mobility Corporation reports developments in smart mobility technology for commercial fleets, government agencies and parking customers. Its Commercial Services segment provides automated toll and violation management, title and registration services, and connected vehicle payment tools for rental car companies, fleet management companies and large fleet owners.
Recurring news for VRRM includes quarterly financial results, guidance, share repurchases, investor conference participation, product launches such as AutoKinex, and public-sector contracts for red-light, speed, school bus and bus-lane safety programs. Company updates also cover Parking Solutions software, transaction processing and hardware used by universities, municipalities, parking operators, healthcare facilities and transportation hubs in the United States and Canada.
Verra Mobility (NASDAQ: VRRM) has appointed Patrick Byrne as the new Chairman of the Board, succeeding Jacob Kotzubei, who resigned after PE Greenlight Holdings sold its remaining shares on December 10, 2021. Byrne has been with the Board since November 2020 and has previously held key roles at GE Digital and Fortive. His appointment is seen as a move to bolster the company's leadership as it aims to enhance urban mobility solutions globally. The company is focused on transforming transportation through advanced technology and is involved in toll management and safety initiatives across multiple regions.
Verra Mobility (NASDAQ: VRRM) has published its annual video showcasing the most egregious red-light runners of 2021, emphasizing the dangers of red-light running as a major traffic issue in America. The video includes incidents from Arizona, Florida, Louisiana, and North Carolina, highlighting reckless driving and distractions. In 2019, over 846 deaths were linked to red-light running crashes, with significant injury statistics reported. Verra Mobility advocates for using technology and safety camera systems to improve driver behavior and reduce traffic accidents.
On December 7, 2021, Verra Mobility (NASDAQ: VRRM) announced the pricing of a public offering of 8,207,821 shares of Class A Common Stock by a selling stockholder. The company will not receive proceeds from this sale, which is set for settlement on December 10, 2021. BofA Securities is the sole underwriter for this offering, which follows an automatic shelf registration statement filed with the SEC. The release emphasizes that this does not constitute an offer to sell securities unlawfully.
Verra Mobility announced a secondary offering of 8,207,821 shares of its Class A common stock by a principal shareholder, an affiliate of Platinum Equity. Importantly, Verra Mobility is not offering any shares nor will it receive proceeds from this offering. The offering will be managed solely by BofA Securities, which is acting as the sole underwriter. This offering was registered under an automatic shelf registration statement with the SEC. These developments indicate ongoing market activities surrounding the company's stock.
Verra Mobility (NASDAQ: VRRM) has completed its acquisition of T2 Systems for $347 million in a cash-free and debt-free transaction, with an additional up to $9 million related to an asset acquisition. T2 Systems specializes in parking management solutions and serves over 1,900 clients, generating nearly $80 million in revenue and approximately $21 million in adjusted EBITDA expected for 2021. This acquisition aims to enhance Verra Mobility's urban mobility solutions, as T2 will operate as a distinct business unit.
Verra Mobility (NASDAQ: VRRM) announced that its President and CEO, David Roberts, along with CFO Patricia Chiodo, will present at the Bank of America Securities 2021 Leveraged Finance Conference on November 30, 2021, at 3:00 p.m. EST. A live webcast will be available. Additionally, they will present at the Credit Suisse 25th Annual Technology Conference on December 1, 2021, at 12:30 p.m. EST. The webcasts and replays can be accessed on Verra Mobility's investor website.
Verra Mobility (NASDAQ: VRRM) reported strong financial results for Q3 2021, with total revenue reaching $162.1 million, up 67% from $96.9 million in Q3 2020. Net income also increased to $27.3 million, or $0.14 per share, compared to $11.1 million or $0.07 per share the previous year. The Commercial Services segment saw a 75% revenue boost, while Government Solutions grew by 61%. Adjusted EBITDA for the quarter was $82.1 million, reflecting a solid 51% margin. The company continues to integrate Redflex, enhancing its product offerings and market reach.
Verra Mobility (NASDAQ: VRRM) announced an agreement to acquire T2 Systems for $347 million in an all-cash transaction, plus an additional $9 million for an upcoming asset acquisition. T2 Systems, a parking solutions provider in North America, is expected to generate $80 million in revenue and $21 million in adjusted EBITDA in 2021. The acquisition is set to enhance Verra Mobility's portfolio and revenue growth while diversifying its customer base, with a completion anticipated by the end of Q4 2021.
Verra Mobility (VRRM) will announce its third-quarter financial results on November 4, 2021, after market close. The CEO, David Roberts, and CFO, Tricia Chiodo, will hold a conference call at 2:00 PM PT to discuss the results. The call can be accessed via phone or through a live webcast available on the company’s Investor Relations website. An audio replay will be available until November 18, 2021. Verra Mobility provides smart mobility solutions globally, processing millions of transactions for fleets and managing safety cameras across North America and beyond.
Verra Mobility (NASDAQ: VRRM) announced its participation in the Deutsche Bank Technology Conference 2021. CEO David Roberts and CFO Patricia Chiodo will represent the company on September 9, 2021, at 3:10 p.m. ET. The event will feature a fireside chat format, and a live webcast will be available for investors on the company's website. Verra Mobility specializes in smart mobility technology, supporting commercial fleets with tolling and safety solutions across North America, Europe, Asia, and Australia.