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ChargePoint acquires eBus and commercial vehicle management provider ViriCiti to accelerate fleet electrification

ChargePoint Holdings, a leading electric vehicle (EV) charging network operating in North America and Europe, has acquired ViriCiti, a leading provider of electrification solutions for eBus and commercial fleets. ChargePoint acquired ViriCiti for a total purchase price of approximately €75 million (US$88 million) in cash, subject to adjustments.

The ViriCiti team, customer accounts and technology will become part of ChargePoint’s operations. Along with the pending acquisition of leading European e-mobility technology provider has·to·be, this transaction confirms ChargePoint’s commitment to the electrification of fleet and commercial segments in North America and Europe.

ViriCiti will enhance the ChargePoint fleet solution portfolio of hardware, software and services by integrating information sources to optimize electric fleet operations, including battery management, charging station monitoring, OEM-agnostic telematics, vehicle maintenance and vehicle operations data.

The combined solution will enable fleets to identify what routes to electrify, monitor and report on uptime, optimize fueling to ensure operational readiness at low cost, and integrate vehicle and charging station management. Working with existing systems of record enables ChargePoint to deliver a complete set of solutions for electric fleet operators, enabling success from initial infrastructure buildout to optimization and growth.

The future of fleets is electric, and integrating charging solutions with the many business systems already in place in today’s depots is essential to successful electrification. Adding ViriCiti’s vehicle management capabilities to our fleet portfolio allows ChargePoint to deliver more functionality to eBus and commercial fleet operators, while remaining open to integration with existing telematics systems. The combined solution underscores the importance of software to EV charging and will ensure operational readiness at low cost as fleets of all types across North America and Europe continue to electrify.

—Pasquale Romano, President and CEO of ChargePoint

Founded in 2012, ViriCiti today has more than 50 employees in the Netherlands and United States, and established market share in North America and Europe with approximately 150 fleet operators, 3,500 connected vehicles and 2,500 networked ports under management. ViriCiti customers include prominent fleet operators and OEMs, such as Arriva, Berliner Verkehrsbetriebe, Chicago Transit Authority, GILLIG, Keolis, King County Metro, Metropolitan Transit Authority (New York), PicNic, San Francisco Municipal Transportation Authority and Toronto Transit Commission.

The need for efficient software tools to gather, analyze and recommend vehicle types, charging hardware, site energy requirements and other operational strategies has never been greater. Software, analytics and advisory are expected to be key portfolio components for any industry actor wishing to provide a holistic suite of electrification services in a B2B setting and help accelerate fleet electrification over the next decade. With this acquisition and their recently announced global fleet solution portfolio, which already includes a scalable EV charging platform with hardware, installation and fleet management services, ChargePoint is now well positioned to offer fleet managers large and small a full range of tools required to start planning and executing their electrification journeys.

—Dr. Jose Serras-Pereira, Director – Advisory, Mobility Group, Frost & Sullivan

Goldman Sachs & Co. LLC served as exclusive financial advisor to ChargePoint. IMPROVED Corporate Finance B.V. served as the exclusive M&A advisor to ViriCiti and its shareholders.

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