Verra Mobility Joins Connected Vehicle Systems Alliance (COVESA)

Verra Mobility will take an active role in the development of open standards and technology for connected vehicles as part of trusted global alliance of automotive experts

MESA, Ariz., April 9, 2024 /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today that it has joined the Connected Vehicle Systems Alliance, also known as COVESA. The organization's goal is to develop open standards and innovative technologies for connected vehicle systems and shape the future of connected vehicles and the mobility ecosystem.

"Verra Mobility is proud to join the COVESA member-driven community to actively help shape and develop open standards and technologies that will unlock the incredible potential and value of connected vehicles," said Cathi Chinn, VP of Innovation for Verra Mobility's Commercial Services business. "Connected vehicle capabilities will transform and enhance the vehicle experience for drivers and are an innovation focus for Verra Mobility and the automotive industry as a whole, including global OEMs, tier one suppliers, and other mobility technology ecosystem companies."

COVESA is comprised of trusted automotive experts and thought leaders working together to accelerate innovation for connected vehicles and create a more diverse, sustainable and integrated mobility ecosystem.

"We are excited to join this respected community to develop new solutions that will make life safer, easier and more connected for our customers and the communities we serve," Chinn added.

COVESA is the only trade group focused solely on developing open standard approaches and technologies for connected vehicles, which now form a growing percentage of vehicles on the road. Leveraging vehicle data and vehicle-to-cloud connectivity has become a primary goal of automakers and their suppliers.

"Verra Mobility has emerged as a key player in the connected vehicle space," said Steve Crumb, Executive Director at COVESA. "We are thrilled to have the Verra Mobility team join our community and actively help share the future of connected vehicles."

Verra Mobility's Commercial Services business provides managed services – including tolling, violations, and title and registration services – to all types of vehicle fleets. The Company is currently piloting connected vehicle toll payments and other connected services with OEMs and partners.

Verra Mobility will be participating in the COVESA Spring All Members Meeting in Gothenburg, Sweden, which takes place from April 16-18. For additional information about Verra Mobility's connected vehicle services, please visit www.verramobility.com/contact.

About Verra Mobility

Verra Mobility Corporation (NASDAQ: VRRM) is a leading provider of smart mobility technology solutions that make transportation safer, smarter and more connected. The company sits at the center of the mobility ecosystem, bringing together vehicles, hardware, software, data and people to enable safe, efficient solutions for customers globally. Verra Mobility's transportation safety systems and parking management solutions protect lives, improve urban and motorway mobility and support healthier communities. The company also solves complex payment, utilization and compliance challenges for fleet owners and rental car companies. Headquartered in Arizona, Verra Mobility operates in North America, Europe, Asia and Australia. For more information, please visit www.verramobility.com.

Forward Looking Statements

We describe many of the trends and other factors that drive our business and future results in this press release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are those that address activities, events, or developments that management intends, expects, projects, believes or anticipates will or may occur in the future. They are based on management's assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties that can affect our performance in both the near-and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this press release can or will be achieved. These forward-looking statements should be considered in light of the information included in this press release, our Form 10-K and other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time.

Additional Information

We periodically provide information for investors on our corporate website, www.verramobility.com, and our investor relations website, ir.verramobility.com.

We intend to use our website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following the Company's press releases, SEC filings and public conference calls and webcasts.

SOURCE Verra Mobility