INDIANAPOLIS, July 17, 2017 /PRNewswire/ -- T2 Systems, a provider of the industry's most comprehensive parking solutions, today announced it has acquired ParkingSoft. ParkingSoft provides cloud-based software enabled PARCS (Parking Access Revenue Control Systems), valet and events products with state-of-the-art features such as barcode and LPR.
Based in Atlanta, ParkingSoft brought to market the first software as a service (SaaS), barcode-only PARCS system, which greatly enhances a parking owner's ability to monitor, manage and maintain their PARCS equipment—resulting in lower operating effort with industry-leading flexibility via open APIs. ParkingSoft has a wide array of customers in the airport, off-airport, healthcare, commercial/mixed use, municipal, university and transit sectors. These products support a full range of parking garage operations, from a single location to a full enterprise operation.
This acquisition expands T2's product offerings by adding a PARCS solution that can stand alone or integrate with the T2 UNIFI parking management platform. By combining T2's parking management platform with ParkingSoft's established products, T2 is the best choice with the broadest, most flexible portfolio for parking professionals throughout North America. T2 will further enhance the already capable ParkingSoft solution by integrating it into T2 link.
"Our unified platform is transforming parking operations, creating opportunities for parking operations to link together all the tools and resources they need in a single, open platform. ParkingSoft has a well-established product line that's been rapidly growing and fits perfectly within our UNIFI parking management platform," said T2 CEO Adam Blake.
With ParkingSoft now part of T2, T2's existing and new customers will have access to an even broader array of product and feature options to extend their unified platform. ParkingSoft customers will have access to a full suite of parking solutions and join the largest, most collaborative customer community in the industry. These solutions, built on the concept of an open system, provide customers with the full flexibility to integrate with T2 products or those from another provider.
Blake added, "ParkingSoft's reputation for delivering proven software enabled products combined with our UNIFI parking management platform will allow us to deliver the most powerful solutions and the highest quality service to both our existing and new customers. We couldn't be more excited about the possibilities ahead of us."
T2 was acquired in 2016 by Thoma Bravo, LLC, a leading private equity investment firm. "When we acquired T2, we knew that strategic partnerships and acquisitions would be key to increase the company's market footprint and accelerate its growth," said Carl Press, a Vice President at Thoma Bravo. "This deal will expand T2's customer base and usher in enhanced products and functionality for its customers. We couldn't be more thrilled."
T2, based in Indianapolis, develops comprehensive platforms to make parking management and enforcement as seamless as possible. Its UNIFI parking management platform provides a full suite of technology solutions to increase efficiency, improve ease of parking management and boost revenue for its users. Over 1,000 customers—including universities, municipalities and private operators—rely on T2 for multi-space pay stations, permit management, enforcement, PARCS, business intelligence, vehicle counting, citation services and event parking.
T2 continues to be the largest parking technology provider in North America, with more than 23 years in the parking management industry and currently serving thousands of parking professionals. T2 integrates the best people, processes and technology for powerful, high performance and secure parking solutions. Its open technology and processes are used to manage more than 200 million parking transactions for over $2 billion annually across all 50 states and nine provinces in Canada. For more information about T2 Systems, visit www.T2systems.com.
About Thoma Bravo
Thoma Bravo is a leading private equity investment firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $17 billion in capital commitments, Thoma Bravo partners with a company's management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. Representative past and present portfolio companies include industry leaders such as Blue Coat Systems, Bomgar, Deltek, Digital Insight, Elemica, Global Healthcare Exchange, Hyland Software, Infogix, Qlik, Riverbed, SailPoint, SolarWinds, SonicWall, TravelClick and T2 Systems. The firm has offices in San Francisco and Chicago. For more information, visit ThomaBravo.com.
ParkingSoft, LLC is a leading innovator and manufacturer of cloud software, automated hardware, and IT and Support solutions in the parking technology industry, servicing North America from its headquarters in the Atlanta, Georgia metropolitan area.
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SOURCE T2 Systems