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Client Work

Verrus is sold to PayPoint for US$45 million

Fasken
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Overview

Client

Verrus

On March 8, 2010, the outstanding shares of Verrus Mobile Technologies Inc. ("Verrus") and of Verrus UK Limited were sold to PayPoint plc for approximately $45 million. Verrus is based in Vancouver and is a leading international provider of services to parking authorities allowing consumers to use their mobile phones to pay for their parking by credit or debit card. It has contracts in the UK, France, Canada and the USA. Existing management will continue to run the business. Verrus was advised in this transaction by Fasken Martineau with a team led by Gary Ott and including, among others, Andrey Schmidt, Grant Foster and Lorene Novakowski.

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