1. Salesforce for public transit agencies.

2. The software brain behind public transit's Uber Pool.

3. Waze for public transportation fleets.

• On-Demand Transit Technology: Provides software platforms and operational expertise for cities and transit agencies to launch and manage dynamic, on-demand public transportation services.
• Paratransit Solutions: Offers technology and operational support to optimize accessible, on-demand transportation services for individuals with disabilities, often in partnership with public agencies.
• School Transportation Management: Delivers software and services to enhance the efficiency, safety, and routing of school bus operations for school districts.
• Flexible Fleet Management for Private Entities: Supplies technology and expertise for businesses, universities, and healthcare systems to operate efficient on-demand shuttle and microtransit services.

Via Transportation (Symbol: VIA) - Major Customers

• Public Transit Agencies and Municipalities: These are government entities (cities, counties, and regional transit authorities) that utilize Via's software to power their public transportation services, including microtransit, paratransit, fixed-route optimization, and school transportation programs.
  • Examples: LA Metro (Los Angeles), New York City Department of Transportation (NYC DOT), Transport for London (TfL), Capital Metro (Austin), Miami-Dade County, Metropolitan Transit Authority of Harris County (METRO - Houston).
  • Note: The vast majority of customers in this category are government bodies or agencies and therefore do not have publicly traded stock symbols.
• Publicly Traded Transportation Operators: Larger private companies that operate public transportation services under contract, often in partnership with municipalities, and integrate Via's technology into their operational offerings.
  • Example: Go-Ahead Group plc (LSE: GOG), a major UK public transport operator that has partnered with Via to deploy demand-responsive transport services in various locations.
• Educational Institutions and Corporations: Universities, school districts, and private corporations that leverage Via's platform for campus shuttles, employee transportation, or student transit solutions.
  • Examples: Various university systems and large corporate campuses globally.
  • Note: While these are significant customers, specific names are less frequently disclosed in public financial reports as "major customers" compared to large transit agencies. These entities are generally not public companies in the context of being Via's direct software customers.

Daniel Ramot Co-Founder and Chief Executive Officer

Daniel Ramot co-founded Via in 2012. Prior to Via, he built supercomputers designed to discover new pharmaceutical drugs at D. E. Shaw Research from 2008 to 2012. He also developed avionic systems for F-15s and F-16s for the Israeli Air Force from 1996 to 2002. Ramot holds a B.Sc. in Physics and Mathematics from The Hebrew University, an M.Sc. in Electrical Engineering from Tel Aviv University, and a Ph.D. in neuroscience from Stanford University. He is a graduate of the Israel Defense Forces' elite Talpiot program.

Clara Fain Chief Financial Officer

Clara Fain has served as the Chief Financial Officer at Via since April 2016. Before joining Via, she was a private equity investor at Goldman Sachs in New York City, where she held the position of Vice President in the Merchant Banking Division from 2011 to April 2016. Her background includes extensive experience in investment banking, mergers and acquisitions, and private equity. Fain is also a member of The F Suite, a community for CFOs, and holds a Master's Degree from MINES ParisTech.

Oren Shoval Co-founder, CTO & Advisor

Oren Shoval co-founded Via with Daniel Ramot in 2012. He is also listed as the Chief Technology Officer and an Advisor. Shoval met Ramot during the Israel Defense Force's Talpiot program.

Chris Snyder Co-Chief Operating Officer and Europe CEO

Chris Snyder serves as the Co-Chief Operating Officer and Europe CEO at Via. He plays a key role in overseeing the company's operations and strategic initiatives across Europe. Snyder's career at Via includes previous roles such as Senior Vice President of Expansion and General Manager of Chicago, demonstrating a track record in managing complex projects and leading large teams.

Erin H. Abrams Chief Legal Officer

Erin H. Abrams is the Chief Legal Officer at Via Transportation.

1. Ongoing Operating Losses and Unclear Path to Profitability: Via Transportation has consistently reported significant operating losses and negative net income despite revenue growth. For example, in the third quarter of fiscal year 2025, the company's net loss widened to $36.9 million, partly due to financing costs. This financial performance raises concerns about the company's long-term financial stability and its ability to achieve sustainable profitability.
2. Heavy Reliance on Large Public Sector Contracts: Via's business model is largely dependent on securing and maintaining substantial contracts with public transportation agencies. The loss of one or more of these significant contracts could adversely affect the company's revenue growth and market position. This reliance also exposes the company to the complexities of public-sector budgets and regulatory environments.
3. Intense Competition: Via operates in a highly competitive market, facing challenges from established transportation providers, major technology companies, and emerging startups. Competitors with greater financial and operational resources could potentially erode Via's market share, necessitating continuous innovation and strategic positioning for the company to maintain its competitive edge.

Threat: Strategic Entry or Expansion of Large Technology Companies into the TransitTech B2G Software Platform Market

Companies like Google, Microsoft, and Amazon possess immense resources in cloud computing, artificial intelligence, data analytics, and mapping infrastructure, along with existing relationships with municipalities and governments. While they currently offer various components or adjacent services to the public sector, a strategic pivot to develop and offer comprehensive B2G transit management and optimization platforms—directly competing with Via's core offering—represents a clear emerging threat. For instance, Google's extensive mapping infrastructure, AI expertise, and investments in urban mobility (e.g., through Waymo or previous smart city initiatives) could be leveraged to build and scale a robust platform. Similarly, Microsoft's Azure cloud services and enterprise software presence, or Amazon's logistics and cloud capabilities, could be adapted to create highly competitive, integrated solutions for public transit agencies. Their ability to bundle services, offer deep discounts, or integrate transit solutions into broader smart city platforms could rapidly shift market dynamics, mirroring how large tech players have disrupted other specialized software verticals.

Here are 3-5 expected drivers of future revenue growth for Via Transportation (symbol: VIA) over the next 2-3 years:

1. Expansion of Customer Base: Via Transportation is expected to drive future revenue growth through consistent customer expansion. The company's customer base reached 689 clients as of June 2025, up from 597 at the end of 2023, and it has a significant growth opportunity given its estimated addressable market of approximately 63,000 customers in North America and Western Europe, with only about 1% penetration currently. This expansion includes public transit agencies, school districts, municipal transportation authorities, corporations, and universities.
2. Geographical Market Expansion: Growth in existing key markets like North America and Europe, which currently account for the majority of Via's revenue, along with strategic expansion into new markets, are anticipated to contribute to revenue growth. Proceeds from its IPO are intended, in part, for expansion into new markets.
3. Increased Adoption of its Technology Platform and Services: Via's unified, AI-driven platform, which offers solutions for transit planning, operating software, passenger applications, and data insights, is positioned to replace outdated, inefficient legacy systems in public transportation. The company's "best-in-class platform" and its technology-enabled services are cited as key drivers by analysts, as they help lower operational costs and improve efficiency for transit systems, which in turn facilitates adoption.
4. Growing Demand for Public Transit Technology Solutions: The broader market for transportation management systems is experiencing significant growth, driven by the increasing need for public entities to manage complex environments more efficiently. Via's strategic pivot to focus on government transit solutions positions it well to capitalize on this increasing demand for technology in the public transit sector.

Share Issuance

• Via Transportation launched its Initial Public Offering (IPO) on September 12, 2025, offering 10,714,285 shares of its Class A common stock at $46.00 per share.
• The IPO successfully raised approximately $492.9 million.
• Of the shares offered in the IPO, 7,142,857 were newly issued by Via Transportation, while 3,571,428 shares were sold by existing stockholders.

Inbound Investments

• In February 2023, Via Transportation closed a financing round led by 83North, raising $110 million and valuing the company at $3.5 billion.
• In November 2021, the company secured $130 million in Series G financing, achieving a post-money valuation of $3.3 billion, with investors including Janus Henderson, BlackRock, and ION Crossover Partners.
• Overall, Via Transportation has raised a total of $1.25 billion in funding over nine rounds since its founding.

Outbound Investments

• Via Transportation has acquired three companies: Citymapper, Remix, and Fleetonomy.
• The company's most recent acquisition was a Merger/Acquisition with Via Mobility Japan on February 1, 2025.
• Following its IPO, CEO Daniel Ramot stated that the listing positions the firm to pursue acquisitions of competitors and facilitate global scaling.

Capital Expenditures

• Via Transportation's SEC filings indicate that developing and enhancing its foundational systems incurs various costs and risks, including increased capital expenditures.
• These capital expenditures are focused on scaling the business and integrating new systems.