FONTINALIS PARTNERS ANNOUNCES INVESTMENT IN QUICKPAY A LEADING PROVIDER OF INTEGRATED MOBILE PARKING PAYMENT TECHNOLOGY AND SERVICES
SAN FRANCISCO and DETROIT, Feb. 16, 2012 /PRNewswire/ -- Fontinalis Partners, LLC, a Michigan-based strategic investment firm, today announced that it has invested in QuickPay Corp., a leading provider of integrated mobile parking technology and services. The financial terms of the transaction were not disclosed.
QuickPay was founded in 2010 with a vision to leverage technology trends in mobile technology to remove the pain and hassle people experience to find, access, and pay for any form of parking or transportation. QuickPay's development of a revolutionary technology enables parkers to raise any legacy parking gate using their mobile phone, and offers users one mobile parking application that works across all scenarios, giving parking owners and operators the opportunity to enable mobile parking across all their assets with a single integrated solution. The company today enables consumers to find, access and pay for parking in over 80 off-street parking lots and garages in the San Francisco Bay Area and is expanding rapidly across North America.
Dr. Barney Pell, QuickPay's Executive Chairman, said, "We sought out Fontinalis Partners to be QuickPay's first institutional investors. Like Fontinalis, we believe the entire parking experience is being transformed by new technology. Through their existing network of investments and partners they are well positioned to help us execute on this massive opportunity."
William Clay Ford, Jr. ("Bill Ford"), a Founding Partner of Fontinalis Partners, added: "Given our focus on innovation and mobility, Fontinalis is excited by the opportunity our investment in QuickPay presents to build value and create social good. With their integrated mobile parking platform, QuickPay brings a powerful capability to the industry and complements our existing portfolio. We are excited to engage our partnership and network to help support QuickPay's next stage of growth."
Chris Thomas, another Co-Founder at Fontinalis Partners, will serve on QuickPay's Board of Directors.
Carl Muirbrok, QuickPay's Founder and CEO, added: "This investment by Fontinalis Partners provides validation of QuickPay's market uniqueness and the opportunity ahead of us. The entire Fontinalis Partners team is highly respected in the parking and transportation industry. We have seen how hard they work for their portfolio companies and the value they add in terms of large-scale partnerships, market vision, and execution. We are delighted to have them on our team as we take the company to the next level."
About QuickPay Corp.
Founded in 2010 and headquartered in San Francisco, privately held QuickPay Corp. is a leading provider of unified mobile parking technology. QuickPay provides a cloud-based mobile parking access and revenue control system that integrates with any legacy parking infrastructure. This enables parking and transit owners and operators to unify their assets under a single low-cost and fast-deploy mobile payment platform. For more information about QuickPay, please visit: www.qpme.com or call 650.394.7763.
About Fontinalis Partners
Fontinalis Partners, with offices in Detroit and Boston, is a leading transportation technology strategic investment firm founded by Bill Ford, Ralph Booth, Mark Schulz, Chris Cheever and Chris Thomas. Fontinalis' mission is to leverage the firm's considerable management experience, market access, strategic relationships, international expertise, and background in transportation innovation to scale companies providing the transportation technology solutions of tomorrow. Fontinalis Partners, LLC, invests as a strategic partner across all facets of the world's transportation infrastructure on a stage, structure and size agnostic basis. Fontinalis Partners is not affiliated with Ford Motor Company. For further information about Fontinalis Partners, please visit www.fontinalispartners.com or call (313) 432-0321.
SOURCE QuickPay Corp.