INDIANAPOLIS and SAN FRANCISO, Sept. 29, 2016 /PRNewswire/ -- Thoma Bravo, LLC, a leading private equity investment firm, today announced that it will acquire T2 Systems, Inc. ("T2"), one of the nation's largest providers of parking management technology, from Pamlico Capital. Financial details were not disclosed.
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 1,100 customers including universities, municipalities and private operators, rely on T2 for multi-space pay stations, permit management, enforcement, PARCS, vehicle counting, citation services and event parking.
"My goal in founding T2 was to provide more effective solutions to our customers' parking problems. Over the past twenty plus years we've built a great team, created a positive and productive workplace, consistently achieved our corporate goals, and are constantly adding new services and incorporating the latest technology to design better parking solutions," said Mike Simmons, a Co-Founder of T2 who will be stepping down from his role as CEO as part of the transition. "It's been a great run for me and I'm so proud of what we've achieved so far. I'm looking forward to the company's future successes under the leadership of our new CEO, Adam Blake, and with the strong partnership of Thoma Bravo."
"The team that Mike built at T2 has unmatched industry knowledge and technical skill. I'm looking forward to continuing to work alongside them and Thoma Bravo to focus on operational excellence and expand our long-term strategy of building the most comprehensive technology solutions platform for parking and mobility," said Adam Blake, incoming CEO of T2. "The resources and flexibility provided by Thoma Bravo make us very excited about the opportunities that lie ahead, both for our customers and for the company."
Thoma Bravo's acquisition of T2 marks the fourth investment made by the firm's Discover Fund since it debuted earlier this year. The Discover Fund focuses on growth-oriented technology companies in the lower middle market and has enabled Thoma Bravo to expand its investment reach. Previous Discover investments include supply chain operating network, Elemica; cybersecurity provider, Bomgar; and analytics company, Infogix.
"T2 Systems helped create the parking management software market, and it remains the clear leader with a world-class customer base and the broadest portfolio of products to serve universities, municipalities and private operators," said A.J. Rohde, a partner at Thoma Bravo. "We are grateful for the wonderful platform that founder Mike Simmons has established over 20+ years, and are looking forward to working with him and leveraging his deep sector knowledge as he plays an active role in transitioning the business to Adam's leadership. Through backing the existing team, we plan to actively support doubling-down on key product and customer investment through organic and inorganic initiatives."
"For the last two decades, T2 has been a leading innovator in the parking industry," said Carl Press, a vice president at Thoma Bravo. "Today, as mobility and connected city technologies disrupt legacy parking solutions, T2 is once again leading the industry with its next-generation UNIFI platform. We couldn't be more excited about this partnership."
Goodwin Procter LLP is serving as counsel for Thoma Bravo. The Carlyle Group, in conjunction with Madison Capital Funding, provided the debt financing for this transaction.
About Thoma Bravo, LLC
Thoma Bravo is a leading private equity 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, Compuware, Datatel, Deltek, Digital Insight, Elemica, Entrust, Hyland Software, Network Instruments, Riverbed, SolarWinds and SonicWall. The firm has offices in San Francisco and Chicago. For more information, visit www.thomabravo.com.
About T2 Systems
Founded in 1994, T2 Systems is a technology-focused parking systems provider with deep roots in the evolving parking industry. This commitment is evident in T2's quality products and services, thought leadership and strong customer relationships. The company's unified parking management and payment solutions provided under the T2 and Digital brands are in use by over 1,100 organizations across the US and Canada including universities, cities, towns, hospitals and parking operators. T2 has offices in Indianapolis, Vancouver and virtual offices throughout North America. For additional information about T2 products and services, visit www.T2systems.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/thoma-bravo-to-acquire-t2-systems-300336223.html
SOURCE Thoma Bravo, LLC