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Public transit software maker Via on Friday unveiled its IPO prospectus, showing increased revenue and declining losses.

The big picture: The humble yellow school bus is experiencing a flurry of dealmaking.

Driving the news: Access Holdings on Tuesday sold school bus operator ASTP to CVC Capital Partners.

U.K.-listed Mobico sold its North America school bus business earlier this year to I Squared Capital for up to $608 million.

Catch up quick: Via, which has 689 customers across 30 countries, was backed by Exor, Pitango, and 83North. It was last valued at $3.5 billion.

Zoom in: Via notes that the pandemic exposed the need for adaptive routing, as more people worked from home, which has boosted its business.

There are only a handful of school bus operators of scale in the U.S., as school districts rarely switch out their contracts.

"A lot of these [pre-COVID] contracts didn't pass through fuel prices, so when fuel accelerated, it made it really unprofitable for the operator," Access Holdings' Kevin McAllister tells Axios Pro. "A lot of them also didn't have some ability to flex wage right in the contract." 

School bus deal boom rolls on as Via unveils IPO

It comes after ASTP sold to CVC earlier this week.

Illustration of a school bus with a money band-aid on it. 

Public transit software maker Via on Friday unveiled its <a class="gtmContentClick" data-vars-link-text="IPO prospectus" data-vars-click-url="https://www.sec.gov/Archives/edgar/data/1603015/000162828025040484/viatransportationinc-sx1.htm" data-vars-content-id="ce997fae-44f3-4d67-a8dd-f952343d2cac" data-vars-headline="School bus deal boom rolls on as Via unveils IPO" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.sec.gov/Archives/edgar/data/1603015/000162828025040484/viatransportationinc-sx1.htm" target="_blank">IPO prospectus</a>, showing increased revenue and declining losses.The big picture: The humble yellow school bus is experiencing a flurry of dealmaking.

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School bus deal boom rolls on as Via unveils IPO

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