Verra Mobility, a provider of smart mobility technology systems, has acquired T2 Systems from Thoma Bravo. T2 Systems is a provider of parking services in North America with around $80 million in revenue in 2021.
T2 Systems provides and integrated suite of parking software and hardware systems for sectors including universities, municipalities, parking operators, healthcare facilities and transportations hubs. T2 Systems serves over 1,900 customers, processing millions of transactions a year.
Vera Mobility will fund the $347 million acquisition with current cash balances and accordion features in existing debt.
“The combination of our unified parking and mobility management platform and Verra Mobility’s expertise in intelligent transportation systems will help deliver a streamlined transportation experience,” said Adam Blake, CEO of T2 Systems.
“With the rapid growth of ride-sharing and last-mile delivery, cities need innovative solutions to solve traffic issues and optimize curbside management,” stated David Roberts, president and CEO of Verra Mobility. “Verra Mobility’s photo enforcement solutions coupled with T2 Systems’ parking technology will put us in a strong position to help cities adapt to these emerging complexities.”