ChargePoint made its second acquisition since going public in March, buying European fleet management company ViriCiti for € 75 million ($ 88 million) in cash. The news comes just weeks after the operator of the electric vehicle charging network announced the purchase of European charging software company has to be.
Like must be buy, this new agreement will strengthen ChargePoint’s hardware and vehicle management software portfolio for electric fleet customers, as well as add 2,500 networked ports and 3,500 connected vehicles to its growing portfolio. ViriCiti customers include the Chicago Transit Authority, the San Francisco Municipal Transportation Authority, the British public transport company Arriva, and Berlin’s main public transport service, Berliner Verkehrsbetriebe.
Beyond that customer base, ChargePoint CEO Pasquale Romano told TechCrunch that the acquisition of ViriCiti will give the company access to a much larger set of software features for customers beyond offerings. ChargePoint’s base of charger management and vehicle charger planning, such as monitoring battery status, vehicle operating data and greater vehicle telematics capabilities.
“It is really important for us here to facilitate the electrification of fleets and that [acquisition] is to ensure that we continuously have the most comprehensive offer for the fleets, ”said Romano.
ChargePoint operates the largest vehicle charging network in North America, with more than 115,000 charging points worldwide. The company also offers its customers access to 113,000 other public charging points through network roaming agreements. While the company is best known for this vast branded network, it also has a cloud subscription platform, as well as a sizable sales and fleet division. The company went public in March after merging with blank check firm Switchback Energy Acquisition Corporation.
Some of ViriCiti’s services, like battery condition monitoring, could apply to residential customers, or even just fleet customers that allow employees to drive home or use a company vehicle from home. full-time. “If you have vehicles coming home with the driver […] It stands to reason that what you need to do in the Coming Home scenario is that your infrastructure should look like a logical extension of the infrastructure that you would have in your repositories. We are therefore pleasantly surprised at the commercial and residential relevance.
Importantly, ChargePoint will also absorb ViriCiti’s 50-plus workforce, a whole team of mostly software engineers who will transfer their expertise to the new company. “If you just want to see where our mindset is, see how many software engineers [are] in the total sum of these two acquisitions, ”said Romano. “The majority of the employees at these two companies are engineers, and they are all software in general. […] You can see where we are focusing in terms of investment.