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Passport Acquires License Plate Recognition Parking Technology Specialist NuPark
Thursday 11 October 2018

11 October 2018 - US-based parking, transit and tolling technology company Passport has acquired parking management technology NuPark, the company said.

Terms of the deal were not disclosed.

NuPark's license plate recognition -based enterprise management solution for enforcement and permitting will help complement Passport's strong base of mobile payment solutions to create a comprehensive mobility platform.

Approximately one in three vehicles in the United States are processed through the combined system network, making Passport and NuPark players in the transportation industry.

The NuPark combination brings Passport's client count to over 550, and strengthens its ability to serve universities, hospitals and airports.

Passport said the addition of NuPark enables it to better serve clients by offering an integrated suite of software solutions, backed by the industry's strongest payments backbone, processing over USD 400m in transportation payments per year.

Passport's mobile-first platform has been adopted by more than 550 cities, universities, and private operators around the world in cities including Chicago, Toronto, London, and Miami, across more than 5,000 locations.

The company's product lines, parking, transit and tolling payments, parking enforcement, and permit management, enable organisations in the public and private sectors to streamline their operations, enhance customer service, and make data-driven decisions.

Passport is backed by a group of investors, including Bain Capital Ventures, Grotech Ventures, MK Capital and Relevance Capital.
Details
Date Published: 11/10/2018
Target: NuPark
Country: USA
Sector: Motor Vehicles
Type: Corporate acquisition
Financing:
Status: Closed
Vendor:
Buyer: Passport
Comment:
Terms of the deal were not disclosed

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