NEW YORK--(BUSINESS WIRE)--Waltz, Inc., an innovative new technology company that provides a fast, contactless way to access secure spaces and pay transit fares, today announced the hire of Michael DeVitto, who will serve as the company’s Chief Strategy Officer. DeVitto is a veteran of the transit fare payment industry, most recently serving as the head of fare payment for New York’s Metropolitan Transportation Authority. In his new role, DeVitto will oversee strategic partnerships and commercialization of the Waltz platform in the transit industry.
“Waltz’s compelling and revenue-generating solution and constantly expanding list of investors is driving the company’s rapid growth from a startup into an industry player,” said Michael DeVitto. “I am thrilled to be joining them at the very beginning of this growth, as we transform the way cities and regions look at fare payment innovation.”
Waltz’s proprietary technology is a new solution for secure entry to both the transportation and real estate spaces, using a smartphone app to instantaneously communicate with a reader unit. The inexpensive and easy to install units include a screen for digital advertising, providing a revenue source and operational savings that pays for the cost of the units in a matter of weeks.
- Transit vertical: Through the Waltz smartphone app, users can create a personalized transit account to manage balances and quickly make fare payments through units that can be installed on buses, turnstiles, commuter trains and even ferries, all without contact. The Waltz application also interacts with the advertising at each point of entry, allowing for a seamless and 360 advertising experience for riders – one of the reasons Waltz has been able to attract big name funders such as Outfront Media.
- Real Estate vertical: For real estate users, building managers can create customized security profiles for each tenant across multiple buildings, in a matter of seconds, at the fraction of the cost of a traditional security company. In addition to saving money on operational costs, the Waltz solution can integrate into existing or new building portals used to communicate with tenants and provide a more user-friendly experience for tenants and guests alike. With the app, visitors no longer need to wait for clearance at the front desk, and both visitors and tenants can maneuver through entry points in less than a second.
“Michael’s visionary leadership and highly sought-after expertise in shepherding the fare payment system for the largest transit agency in the country makes him an essential steward of Waltz’s entry into the marketplace,” said Matt Kopel, Waltz CEO. “We are proud to have him on our team as we continue to pilot our technology, grow our company and build recognition for the promise of our solutions.”
DeVitto brings significant operational and technical experience to Waltz. Most recently he served as Vice President and Program Executive for Fare Payment Programs at New York’s Metropolitan Transportation Authority (MTA). In that role, DeVitto led the effort to launch next generation fare payment systems across the MTA, including replacement of NY’s MetroCard system. He was also a key member of the team that developed and operated the “Open Payments” pilots in New York City Transit in 2006 and 2010, along with Adam Gluck, Waltz VP, Transit Products. Those pilots accepted bank-issued contactless cards for fare payment directly at transit points of entry, a paradigm shift at the time and industry standard today. DeVitto will work closely with members of the Waltz executive team, including Gluck and John Shaw, Chief Technology Officer, in a design-build-deploy partnership for the platform.