Verra Mobility Partners with Telepass in Italy to Enable Expanded Toll Payment Coverage for Short-Term Rental Cars

Verra Mobility Corporation (NASDAQ: VRRM) announced a partnership with Telepass, an Italian mobility leader, to enhance toll processing services in Italy.

Rhea-AI Summary

Verra Mobility Corporation (NASDAQ: VRRM) announced a partnership with Telepass, an Italian mobility leader, to enhance toll processing services in Italy. This collaboration will facilitate electronic toll payments for short-term rental vehicles, allowing seamless travel across Italy and other European nations including Spain, France, and Portugal. The integration will relieve rental car companies from toll penalties and improve customer experience by eliminating cash and credit card payments at toll booths. This strategic move positions Verra Mobility as a key player in the European mobility landscape, expanding its service offerings and operational reach.

Positive

• Strategic partnership with Telepass to enhance toll processing in Italy.
• Expansion of services to include electronic toll payments for rental cars.
• Improves customer experience by eliminating toll lane delays and payment issues.

Negative

• None.

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AMSTERDAM, April 12, 2023 /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, including electronic tolling, reached a joint agreement with Telepass, an Italian-based firm and leader in integrated mobility, to jointly provide toll processing services in Italy. With this agreement and resulting integration between the two parties, Verra Mobility will expand its footprint in Europe, with the ability to deliver toll payment solutions for short-term rental cars across all toll roads throughout Italy.

"This partnership with Telepass in Italy is a signal of where smart mobility solutions are headed in Europe," said Tsjerk-Friso Roelfzema, Senior Vice President and General Manager for Verra Mobility Europe. "We are excited by the opportunity to work with Telepass, and together we can advance innovation in transportation, expedite travel for rental car drivers while also better connecting toll data from the drivers and the companies that own the vehicles. This is a value-added solution for all parties."

Short-term rental car and shared mobility companies operating in Italy will now be able to offer customers an interoperable toll payment program that will function interchangeably between Italy, Spain, France, and Portugal. Without Verra Mobility's solutions, rental car customers are required to wait in toll lanes, paying by cash or with credit card, and rental car companies are at risk of toll penalties in the event drivers do not pay at barrier-free toll locations. Verra Mobility's service enables electronic toll payments and offers a more seamless travel experience while traveling across borders.

"Telepass is committed to making travel easier and more seamless across Italy and Europe," said Paolo Malerba, Chief Business Sales Officer, of Telepass. "Verra Mobility is an ideal partner to make this happen and shows much promise in simplifying travel in Italy and beyond."

With this partnership, short-term rental car companies will be able to offer a convenience-based service that their customers want, allowing companies to easily assign toll costs to responsible drivers, with Verra Mobility managing the administrative burden of toll processing, account management, customer billing and in-vehicle device management.

To learn more about the products and services provided by Verra Mobility, particularly in the European market, visit www.verramobility.com.

About Verra Mobility

Verra Mobility Corporation (NASDAQ: VRRM) is a leading provider of smart mobility technology solutions that make transportation safer, smarter and more connected. The company sits at the center of the mobility ecosystem, bringing together vehicles, hardware, software, data and people to enable safe, efficient solutions for customers globally. Verra Mobility's transportation safety systems and parking management solutions protect lives, improve urban and motorway mobility and support healthier communities. The company also solves complex payment, utilization and compliance challenges for fleet owners and rental car companies. Headquartered in Arizona in the United States, Verra Mobility operates in North America, Europe, Asia and Australia. For more information, please visit www.verramobility.com.

About Telepass

The Telepass Group was founded in 2017 with the aim of creating an integrated system of services for urban and extra-urban mobility. Today, Telepass is an ecosystem that offers individuals and companies an increasing number of options, also usable in digital mode, for flexible, safe and sustainable mobility. A mobility pioneer committed to facilitating the freedom of movement of people, expanding its offer, investing in cutting-edge startups and ensuring access to its services in Europe, so that every movement is truly a borderless experience. www.telepass.com 

Forward Looking Statements

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 Verra Mobility, as of the date of this release, and Verra Mobility disclaims any intent or obligation to update forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. This press release should be read in conjunction with the information included in Verra Mobility's other press releases, reports and other filings with the Securities and Exchange Commission ("SEC") and on the SEC website, www.sec.gov. Understanding the information contained in these filings is important in order to fully understand Verra Mobility'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.

Additional Information

We periodically provide information for investors on our corporate website, www.verramobility.com, and our investor relations website, ir.verramobility.com.

We intend to use our website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following the company's press releases, SEC filings and public conference calls and webcasts.

Media Relations:	Investor Relations:
Eric Krantz eric.krantz@verramobility.com	Mark Zindler mark.zindler@verramobility.com

 

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SOURCE Verra Mobility

FAQ

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What is the recent partnership announced by Verra Mobility?

Verra Mobility partnered with Telepass to enhance toll processing services in Italy.

How will the Verra Mobility and Telepass partnership impact rental car services?

The partnership enables electronic toll payments, improving customer experience and reducing toll penalties for rental car companies.

When was the partnership between Verra Mobility and Telepass announced?

The partnership was announced on April 12, 2023.

Which countries will benefit from the toll payment solutions offered by Verra Mobility?

The solutions will benefit Italy, Spain, France, and Portugal.

What stock symbol represents Verra Mobility?

Verra Mobility is represented by the stock symbol VRRM.