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Shea & Company Advises T2 Systems on its Acquisition by Verra Mobility

T2 Systems Profile

  • T2 Systems is a leading provider of parking solutions in North America and offers a suite of parking software and hardware solutions to universities, municipalities, parking operators, healthcare facilities and transportation hubs
  • T2 Systems serves more than 1,900 customers with a range of parking management solutions, including curbside management, mobile payments, contactless transactions and transportation demand management
  • The centralized, open and unified T2 Link platform provides customers with a central source to manage all parking operations
  • T2 Systems was founded in 1994 and is headquartered in Indianapolis, IN

Verra Mobility Profile

  • Verra Mobility (NASDAQ: VRRM) is a leading provider of smart mobility technology solutions, serving the world’s largest commercial fleets and rental car companies to manage tolling transactions and violations
  • Verra Mobility fosters the development of safe cities, partnering with law enforcement agencies, transportation departments and school districts in more than 15 countries, operating thousands of red-light, speed, bus lane and school bus stop arm safety cameras
  • Verra Mobility was founded in 1987 and is headquartered in Mesa, AZ

Thoma Bravo Profile

  • Thoma Bravo is one of the largest private equity firms in the world with over $83 billion in assets under management, focused on investing in growth-oriented, innovative companies in the software and technology sectors
  • The firm collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings
  • Over the past 20 years, the firm has acquired more than 325 companies representing over $100 billion in enterprise value
  • Thoma Bravo was founded in 2008 and has offices in Chicago, IL, Miami, FL and San Francisco, CA
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. We are grateful to the Thoma Bravo team and excited to join the Verra Mobility team as we continue to innovate and improve the customer experience.

Adam Blake

CEO, T2 Systems

This acquisition complements our portfolio of urban mobility technology and allows us to continue growing revenue while diversifying our customer base. At just under 3.7x leverage at the end of Q3, this allows us to put our significant cash flow back to work for investors. With the rapid growth of ride-sharing and last-mile delivery, cities need innovative solutions to solve traffic issues and optimize curbside management. 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.

David Roberts

President & CEO, Verra Mobility

We are proud of what we accomplished in partnership with Adam Blake and the entire T2 team over the past five years. Today the company has a broader product offering, improved operations, and a stronger base of customers

A.J. Rohde

Senior Partner, Thoma Bravo

  • Verra Mobility has agreed to purchase T2 Systems for $347 million, plus an additional up to $9 million related to an impending asset acquisition
  • Shea & Company served as the exclusive financial advisor to T2 Systems and Thoma Bravo
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