The transaction is currently expected to close in May 2021.
The transaction is to be implemented via a scheme of arrangement under Australian law and its closing is subject to the satisfaction of customary conditions precedent in transactions of this type, including Redflex shareholder approval and necessary regulatory and court approvals. Empowering Safety with New-Age Tech The use of smart sensors has enabled cities to become connected in ways never seen before.
VERRA MOBILITY INSTALL
The agreement is a strong endorsement of the quality of the Redflex business, the achievements of Redflex’s strategic initiatives over the last few years, and the strategic value we can add to a leading industry player such as Verra Mobility.” Verra Mobility has a large install base, which helps create recurring revenue for their clients so cities can re-invest in much needed safety, transportation and infrastructure needs. Talbot, Redflex Group CEO, commented that, “The combination is expected to provide significant benefits for all stakeholders and will further strengthen the service and innovation that Redflex delivers to its worldwide customer base. “We are incredibly excited for this step forward in building the Verra Mobility of the future, expanding our portfolio of safe city solutions, and solidifying our position as a global leader in smart transportation.” “We are delighted at the prospect of welcoming the Redflex team and their customers to the Verra Mobility family,” said David Roberts, CEO, Verra Mobility. The news comes just over a month after Redflex itself acquired machine vision, AI and video analytics firm Roadmetrics.
The combined group will also accelerate and heighten Verra Mobility’s ability to provide innovative solutions and world-class services for all of its customers and partners.
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