Verra Mobility to implement California's first automated speed safety program in San Francisco

Rhea-AI Summary

Verra Mobility (NASDAQ: VRRM) has been approved by the San Francisco Municipal Transportation Agency (SFMTA) Board of Directors to implement California's first automated speed safety program in San Francisco. The program involves 33 speed camera locations and is expected to be fully operational by early 2025.

This initiative is part of Assembly Bill 645, which authorizes six California cities to pilot camera systems for speed enforcement. San Francisco is the first to complete its procurement process and select a vendor. The program aims to reduce speeding, the leading cause of serious injuries in the city.

Verra Mobility will partner with Marinship Development, a Bay Area minority business enterprise, for on-the-ground construction and installation of cameras. The project has received support from local safety advocates, including Walk San Francisco and the San Francisco Bicycle Coalition.

Positive

• Secured contract for California's first automated speed safety program in San Francisco
• Program expected to be fully operational by early 2025, potentially leading to new revenue stream
• Partnership with local minority business enterprise for camera installation, enhancing community relations

Negative

• None.

Insights

Smart City Technology Expert

This partnership marks a significant milestone in urban safety technology implementation. The speed safety program in San Francisco represents a pioneering effort in California, leveraging advanced automated technology to address a critical safety issue. With 33 camera locations planned, this initiative has the potential to substantially impact traffic behavior and reduce accidents.

The collaboration between Verra Mobility and SFMTA demonstrates a growing trend in smart city solutions. This project aligns with Vision Zero goals and could serve as a model for other cities in California and beyond. The involvement of a local minority business enterprise for installation work also highlights a commitment to community engagement and economic inclusion.

For investors, this contract signals Verra Mobility's strong position in the government solutions market. It could lead to similar opportunities in other pilot cities, potentially expanding the company's market share in urban safety technology. The project's scale and visibility may enhance Verra Mobility's reputation and lead to long-term revenue streams from operations and maintenance.

Transportation Safety Analyst

The implementation of San Francisco's speed safety program addresses a critical urban safety issue. Speeding, identified as the leading cause of serious injuries, has been a persistent problem in many cities. This initiative, leveraging Verra Mobility's technology, has the potential to significantly reduce speeding incidents and improve road safety.

The program's effectiveness is supported by data from other metropolitan areas where similar systems have been deployed. If successful, it could lead to a measurable decrease in traffic-related injuries and fatalities, aligning with Vision Zero objectives. The endorsement from local safety advocates and cycling groups indicates strong community support, which is important for the program's acceptance and long-term success.

For Verra Mobility, this project enhances its portfolio in the urban safety solutions market. The company's experience with large-scale metropolitan speed programs positions it well for potential expansion as other California cities implement similar initiatives under Assembly Bill 645. This could translate into sustained growth and recurring revenue opportunities in the government solutions sector.

Partnership with San Francisco Municipal Transportation Agency involves 33 speed camera locations; program expected to be fully operational early 2025

MESA, Ariz., Oct. 16, 2024 /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today the approval from the San Francisco Municipal Transportation Agency (SFMTA) Board of Directors to design, build, operate and maintain a speed safety program across the city and county of San Francisco – California's first speed safety program leveraging advanced automated technology. 

"We are thrilled to have reached a significant milestone in bringing speed safety cameras to San Francisco's streets, marked by the approval of our contract with Verra Mobility," said SFMTA Streets Director Viktoriya Wise. "With speeding as the leading cause of serious injuries, we've moved swiftly to introduce this life-saving tool proven to reduce speeding and protect lives in cities nationwide."

Verra Mobility and SFMTA will commence the implementation process of speed safety cameras at 33 sites across the city. The goal is to have a fully operational speed safety program in early 2025. 

Under Assembly Bill 645, which became law in January 2024, Glendale, Long Beach, Los Angeles, Oakland, San Francisco and San Jose are authorized to pilot camera systems for speed enforcement. San Francisco is the first pilot city to complete its procurement process and select a vendor, thereby advancing the pilot program to increase citizen safety.

"We are grateful and excited that San Francisco has chosen Verra Mobility to implement their speed safety program," said Jon Baldwin, executive vice president of Government Solutions at Verra Mobility. "As the facilitator of the largest metropolitan speed programs in the U.S., we look forward to partnering with San Francisco to help achieve its goal of Vision Zero." 

Verra Mobility is committed to fostering safer, healthier communities and enhancing quality of life. Through partnerships with local advocacy organizations and businesses, the company builds a diverse, skilled workforce while supporting the economic and social well-being of the communities it serves.

"Speed cameras are a proven tool to save lives. We are glad San Francisco has secured an experienced vendor that's already working with leading Vision Zero cities to move forward quickly in getting cameras on the ground," said Jodie Medeiros, Walk San Francisco.

"We are glad to see this investment in our community and the thoughtfulness in their decision," said the San Francisco Bicycle Coalition. 

In addition to local safety advocates, Verra Mobility partnered with Marinship Development, a Bay Area minority business enterprise (MBE), who will be contracted to do the on-the-ground construction and installation of the cameras.

"By combining Verra Mobility's advanced technology with our construction expertise and long history in the Bay Area, we aim to make transportation in California more convenient, greener, and overall safer," said Marinship Development Founder and Managing Member Derek Smith. 

To learn more about speed safety solutions and how they can help communities, visit www.verramobility.com/government/speed-enforcement. 

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 initiatives 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.

Media Relations:	Investor Relations:
Valerie Schneider	Mark Zindler
valerie.schneider@verramobility.com	mark.zindler@verramobility.com

 

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SOURCE Verra Mobility

FAQ

When will Verra Mobility's speed safety program in San Francisco be fully operational?

According to the press release, Verra Mobility's speed safety program in San Francisco is expected to be fully operational by early 2025.

How many speed camera locations will be implemented in San Francisco by Verra Mobility (VRRM)?

Verra Mobility (VRRM) will implement speed safety cameras at 33 sites across San Francisco.

Which California cities are authorized to pilot camera systems for speed enforcement under Assembly Bill 645?

Assembly Bill 645 authorizes Glendale, Long Beach, Los Angeles, Oakland, San Francisco, and San Jose to pilot camera systems for speed enforcement.

Who is Verra Mobility (VRRM) partnering with for the on-the-ground construction and installation of cameras in San Francisco?

Verra Mobility (VRRM) is partnering with Marinship Development, a Bay Area minority business enterprise (MBE), for the on-the-ground construction and installation of cameras in San Francisco.