Via sells cloud-based software and technology-enabled services to public transit agencies, cities, counties, and school districts, primarily in North America and Europe. Via's platform replaces legacy, fragmented transit systems with a unified software stack that helps government customers plan, operate, and optimize their transit networks — covering microtransit, paratransit, fixed-route scheduling, and student transportation. As of end of 2025, Via had 821 customers across more than 30 countries. Via's platform is modular, with product areas covering planning and scheduling software, day-to-day operating software, passenger apps (including Citymapper, a journey-planning app with over 50M users), and data analytics. An optional technology-enabled services bundle — covering driver sourcing, fleet provisioning, and customer support — is purchased by roughly 20% of customers. Revenue is almost entirely recurring subscription fees (~97%), with contracts typically 2-3 years in length. Pricing scales with fleet size or vehicle-hours, allowing revenue to grow as customers expand their services. Via grows through a land-and-expand model: customers typically start with one solution, and Via upsells additional modules over time — net revenue retention was 119% in 2025. Via also argues it benefits from regional network effects, where success in one city generates referrals in neighboring cities. Gross margins are currently around 40%, weighed down by driver costs in the services business. Via targets 50% gross margins and 20-25% adjusted EBITDA margins long-term, driven by shifting toward pure software and potentially integrating autonomous vehicles to reduce driver costs.
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