The filing comes amid a particularly busy season for the business of government technology, a summer that has brought significant investments and other deals.
The new Via documents did not detail the price range of the offering or the number of shares that would go on offer.
But if the IPO goes through, Via would join the relative few gov tech suppliers that have gone public, a group that includes Tyler Technologies, Motorola and Axon.
The new Via documents give a deeper look at the 13-year-old New York-based company that, according to the filing with the U.S. Securities and Exchange Commission, has enjoyed a 50 percent compound annual growth rate in revenue since 2021.
“Today, hundreds of cities around the world use our software to power their public transit networks,” said Via co-founder and CEO Daniel Ramot in the filing. “We have built teams that are expert at navigating and winning government procurements efficiently. Our business model is provable and scalable.”
For the year ended Dec. 31, 2024, Via posted revenue of $337.6 million, up 35.6 percent from the prior year.
All revenue now comes from the company’s platform, not Via’s “legacy operating segment” that includes an “on-demand shared rides marketplace,” according to the filing. That part of the business is now dead.
The company’s annual run-rate revenue increased 34 percent year-over-year during the first six months of 2025.
Meanwhile, Via’s net losses decreased to $91 million in 2024 from $117 million in 2023, according to the filing. The net loss through the first six months of this year stood at $37.5 million.
“While generating rapid and consistent revenue growth, we have benefited from significant operating leverage in the business resulting in a continuous reduction in losses,” the filing stated.
One of the main Via selling points in its prospectus is that public transportation is “antiquated, fragmented and siloed,” and that the local agencies that run transit are ready “to benefit from advancements in the broader technology sector.”
That, indeed, is among the main general arguments used by private equity and other investors as they keep putting money into the gov tech sector — upgrading of so-called legacy systems, combined with the ongoing move to the cloud and the rise of more sophisticated data analysis, keeps the industry attractive even as other sectors of the economy face significant challenges.
Not only that, but artificial intelligence is sweetening the appeal of gov tech — a trend noted in the Via filing.
“Legacy software solutions, many of which are hosted on-premise, rely on antiquated and unscalable data models and architectures,” the filing states. “This limits their ability to incorporate many of the latest performance-enhancing technologies that can drive efficiency, including AI.”
The public transportation market seen by Via, according to the filing, stands at $250 billion in North America and Europe, with the global value at $545 billion. The company expects 5 percent annual market growth during the next five years as public transit investment per capita increases.
“We believe many cities across the globe are poised to upgrade their transit infrastructure in the coming years, and digitization will be a crucial part of the strategy to modernize these networks,” Via told potential investors through the filings.
Traditional buses, so-called “microtransit” programs, paratransit, school transportation, nonemergency medical transit — those are some of the opportunities for Via as it moves toward an IPO, according to the filing.
The company expects its software to help public-sector customers “unify” fleets, optimize rides so that supply more closely matches demand during all times of day, streamline service management and offer “real-time decision-making tools and analytics.”
The company wants to list its Class A common stock on the New York Stock Exchange under the symbol “VIA.”
