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Verra to continue European expansion with Pagatelia
Posted on Thursday, 17 October 2019 14:28
Verra Mobility has agreed to acquire Spain-based electronic tolling player Pagatelia for an undisclosed sum.
The deal is slated to complete by the end of October, subject to the usual customary conditions.
Founded in 2010, Pagatelia provides interoperable electronic tolling collection services across Spain, Portugal, France and Italy.
Its technology includes the VIA-T mobile device, which allows users to pay tolls without having to stop or queue.
The application can be used on computers, tablets and smartphones to pay parking fees at more than 500 car parks and offers motorway discounts for customers.
Pagatelia manages electronic tolling transactions from more than 500,000 devices and its clients include highway and parking operators, financial institutions and car manufacturers.
The deal is part of Verra’s strategy to continue its expansion across Europe, having already partnered with France’s motorway operator APRR in May this year.
Pagatelia also acquired UK-based unpaid traffic and public transport fee collection services provider Euro Parking Collection for an undisclosed sum in April 2018.
David Roberts, chief executive of Verra, said: “Their [Pagatelia’s] tolling interoperability across southwestern Europe, along with their existing tolling authority relationships, allow us the capability to launch fleet and rental car solutions with broader offerings to customers for increased European growth.”
For the six months ended 30th June 2019, the purchaser posted revenue of USD 208.04 million, up 24.2 per cent from USD 167.44 million in the corresponding period of 2018.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 2,019 deals targeting customer computer programming services providers announced worldwide since the start of 2019.
Atos, in the largest of these so far, sold its 23.5 per cent holding in France’s Wordline for EUR 2.44 billion.
Other companies targeted within the last nine months includes the likes of Argo AI, NSO Group Technologies and LGS Innovations.
© Zephus Ltd