Verra Mobility reaches new 7-year contract with Avis Budget Group; terms materially less favorable

VERRA MOBILITY Corp

New seven-year tolling and violations services contract with Avis Budget Group (ABG).
Commercial terms expected to be materially less favorable to Verra Mobility than prior agreement.
ABG gets option to selectively perform certain activities internally.
Company not disclosing specific commercial terms.
Extends nearly two-decade partnership; CEO cites strengthened customer-centric focus.

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