Verra Mobility Corporation completed the acquisition of Certain Assets from PlusPass, Inc.
February 28, 2024
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Verra Mobility Corporation (NasdaqCM:VRRM) entered into a confidential business arrangement to acquire Certain Assets from PlusPass, Inc. on February 8, 2024. The company will pay PlusPass $31.5 million (the ?Payment Amount?) to (i) acquire certain assets from PlusPass and (ii) fully and finally resolve the previously disclosed litigation in the United States District Court, Central District of California. The Company expects to pay the Payment Amount from existing cash and cash equivalents, and to record the Payment Amount for the quarter ending March 31, 2024. The Company accrued $31.5 million for this matter at December 31, 2023, which is expected to be presented within selling, general and administrative expenses in the consolidated statements of operations for the year ended December 31, 2023.
Verra Mobility Corporation (NasdaqCM:VRRM) completed the acquisition of Certain Assets from PlusPass, Inc. in February 2024.
Verra Mobility Corporation provides smart mobility technology solutions across the United States, Australia, Europe, and Canada. The Company has three segments. Commercial Services segment is a provider of automated toll and violations management, and title and registration solutions to rental car companies (RACs) and fleet management companies (FMCs) and other large fleet owners in North America. In Europe, the segment provides violations processing through Euro Parking Collection plc and consumer tolling services through Pagatelia S.L.U. Government Solutions segment is a provider of automated safety solutions in the United States, Canada, and Australia to state and local governments. In the United States, the segment provides government agencies with road safety cameras to detect and process traffic violations for red-light, speed, school bus, and city bus lanes. Parking Solutions segment provides an end-to-end commercial parking management solution in the markets of North America.