Arrive to acquire parking tech provider Passport

Arrive, a global mobility platform company, has announced its intention to acquire Passport, a technology provider serving more than 800 cities and private operators across North America with enforcement technology, paid parking, and payment infrastructure. Financial terms were not disclosed.

The acquisition would combine Passport’s enforcement and parking technology with Arrive’s mobility platform, creating what the companies describe as an autonomous-ready mobility solution. Arrive said the deal will help cities and operators prepare for the integration of self-driving technologies.

“Passport has built an impressive platform and cultivated deep, trusted relationships across North America,” Cameron Clayton, Chief Executive Officer of Arrive, said. “By integrating their expertise into Arrive’s global network, we are building the essential solutions to help prepare our partners for an autonomous vehicle future.”

Arrive said the combined company will build solutions necessary for the shift to autonomous mobility, aiming to unlock new revenue streams for partners while ensuring self-driving technologies are integrated into urban infrastructure.

The transaction is supported by Arrive’s owners, including investment firms Verdane, Vitruvian Partners, and Searchlight Capital Partners, and is subject to regulatory review in the United States.

Source: Arrive