Core Thesis - Via Transportation, Inc. is viewed as a promising investment opportunity despite its recent decline in valuation, with a focus on its SaaS platform for public transportation management and potential for significant revenue growth by 2030 [1][6]. Company Overview - Via Transportation, Inc. operates a digital public transportation system platform in the U.S., Germany, and internationally, representing a classic busted IPO opportunity with a peak enterprise value of approximately $4 billion before declining to under $2 billion [2]. - The company provides a SaaS-based platform that enhances public transit systems by offering transparency, routing efficiency, and user experience similar to Uber and Lyft, while maintaining affordability [4]. Financial Performance - The business is experiencing revenue growth of over 20% annually, driven by new municipal contracts and expansion within existing customers, supported by long-duration agreements [5]. - With gross margins around 40%, Via qualifies as a "Rule of 60" company, yet it trades at less than 4 times revenue, significantly below typical SaaS peers [5]. Future Outlook - The company is positioned to scale towards $1 billion in revenue by 2030, with a conservative revenue multiple of 5x implying more than a doubling from current levels [6]. - Potential near-term selling pressure from venture capitalists post-lock-up expiration is mitigated by many early investors having entered at higher valuations [6].