ChargePoint Holdings Inc. (NYSE: CHPT), an electric vehicle charging network operating in North America and Europe, has acquired ViriCiti, a provider of electrification services for bus and commercial fleets. ChargePoint acquired ViriCiti for a total purchase price of approximately $88 million (€75 million) in cash, subject to adjustments.
Pasquale Romano, president and CEO of ChargePoint, said, “The future of fleets is electric, and integrating charging solutions with the many business systems already in place in today’s depots is essential to successful electrification. Adding ViriCiti’s vehicle management capabilities to our fleet portfolio allows ChargePoint to deliver more functionality to eBus and commercial fleet operators, while remaining open to integration with existing telematics systems. The combined solution underscores the importance of software to EV charging and will ensure operational readiness at low cost as fleets of all types across North America and Europe continue to electrify.”
Freek Dielissen, CEO of ViriCiti, said, “Our mission over the last nine years has been to help fleet operators manage their electric operations. Today, zero-emission transportation is at a tipping point, and we are excited to join EV charging leader ChargePoint, integrate our complementary offerings and tap into the resources that will enable the electrification of fleets at a faster pace across North America and Europe.”
Jose Serras-Pereira, director, advisory, mobility group, Frost & Sullivan, commented, “The need for efficient software tools to gather, analyze and recommend vehicle types, charging hardware, site energy requirements and other operational strategies has never been greater. Software, analytics and advisory are expected to be key portfolio components for any industry actor wishing to provide a holistic suite of electrification services in a B2B setting and help accelerate fleet electrification over the next decade. With this acquisition and their recently announced global fleet solution portfolio, which already includes a scalable EV charging platform with hardware, installation and fleet management services, ChargePoint is now well positioned to offer fleet managers large and small a full range of tools required to start planning and executing their electrification journeys.”
Goldman Sachs & Co. LLC served as exclusive financial advisor to ChargePoint. Improved Corporate Finance B.V. served as the exclusive M&A advisor to ViriCiti and its shareholders.