Arrive announces intent to acquire Passport
The intended acquisition furthers Arrive’s mission to deliver a leading platform for urban mobility, advancing the integration of self-driving technologies to accelerate the company’s commitment to making cities more livable.
Arrive, a leading global mobility platform, today announced the intention to acquire Passport, unifying enforcement technology, paid parking and payment infrastructure for autonomous-ready mobility into one platform.
For over a decade, Passport has become a technology partner for over 800 cities and private operators across North America. The intended acquisition unites two highly complementary portfolios, providing cities and operators with a powerful mobility management solution that simplifies complex ecosystems and deepens customer relationships across North America.
This strategic move is the next pivotal step in Arrive’s ambition to future-proof urban mobility. Together, the companies will build solutions necessary for the autonomous shift. This will not only unlock new revenue streams for partners, but also ensure that emerging self-driving technologies are integrated into the fabric of more livable communities.
Cameron Clayton, CEO of Arrive, said of the intended acquisition, "Passport has built an impressive platform and cultivated deep, trusted relationships across North America. 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 - a definitive driver for our industry. This is the next pivotal step in Arrive’s ambition to future-proof urban mobility and ensure that emerging self-driving technologies are integrated into the fabric of more livable communities."
The intended acquisition is supported by Arrive's owners, including investment firms Verdane, Vitruvian Partners and Searchlight Capital Partners, L.P, and is subject to regulatory review in the United States. The terms of the transaction will not be disclosed.
