IMPROVED advises ViriCiti and its shareholders in the Sale to ChargePoint

  • Date August 11th, 2021
  • Transaction type M&A
  • Sector Mobility
  • Sub Sector Fleet Management Platform
Further Info

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

IMPROVED acted as the exclusive financial advisor to ViriCiti and its shareholders in this landmark cross-continental transaction. IMPROVED successfully managed the sale of the Dutch-based ViriCiti to ChargePoint – one of the leading global EV charging networks headquartered in Silicon Valley with regional operations across North America and Europe.

Founded in 2012, ViriCiti is a leading provider offering electrification solutions for eBus and commercial fleets to an impressive blue-chip customer base consisting of a.o. Arriva, GILLIG, Keolis, New York City Transit, PicNic & SMFTA. With continued support from its strong shareholder base including Mainport Innovation Fund II and Energy Impact Partners, ViriCiti has achieved a solid market share in North America and Europe with approximately 150 fleet operators, 3,500 connected vehicles and 2,500 networked places to charge under management.

“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 & CEO, ChargePoint

“We are beyond excited to partner up with ChargePoint at a time where the transition to zero-emission transportation is at the tipping point. With ChargePoint, we will be able to expand further across Europe and North America. Besides the aligned vision and culture match between ViriCiti and ChargePoint, our product portfolio perfectly complements theirs to enable the electrification of fleets at a faster pace.”

Freek Dielissen

CEO, ViriCiti Group

“We invested in 2016 into ViriCiti when the e-bus market was still nascent. Ever since the team has been consistently building on their superior solution that enables the electrification of commercial transportation. We are very proud to see this effort rewarded through the acquisition by ChargePoint.”

Thijs Gitmans

Fund Manager, Mainport Innovation Fund II

“Energy Impact Partners (EIP) backed ViriCiti because they had built a dominant position in the e-transit market. EIP is excited for this next step for ViriCiti, and to continues to play a leading role investing in and supporting the global e-mobility ecosystem.”

Cassie Bowe

Principal, Energy Impact Partners

“ViriCiti has built an impressive and global leadership position in the eBus and commercial fleet management software sector. This transaction shows once more that 2021 is the year of the tipping point of e-mobility and the market dynamic is expanding across all modes of transport. The influx of institutional capital into the e-mobility sector further accelerates consolidation and drives a wave of M&A activity in the sector. A special thank you to the entire ViriCiti team for their unwavering teamwork and commitment throughout the process – it’s been a pleasure working with them."

Sherief Rahim

Director, IMPROVED