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JustPark Founder and CEO Anthony Eskinazi (left) and Parkhub CEO Jeff Shanahan [Photo: JustPark]
Dallas-based ParkHub, a provider of parking management software and payment solutions, is merging with JustPark, one of the UK’s leading app-based parking reservation technology and payment platforms.
The deal will create a full-service parking software and payment solution for customers in North America and the United Kingdom. As part of the transaction, ParkHub said it has secured a strategic growth investment led by FTV Capital with participation from existing investor LLR Partners. Financial details of the merger and investment were not disclosed.
“We are excited to invest in JustPark’s vision to provide the world’s best parking experience and bring the combined company’s capabilities to both North America and the UK,” ParkHub CEO Jeff Shanahan said in a statement. We look forward to using it with our major customers.” “Having successfully worked with FTV in the past, FTV’s track record and extensive expertise in vertical software and payments make it the ultimate value-add partner to complement LLR as we chart our next phase of growth. I am confident that it will.”
Across the pond, JustPark’s founder and CEO sees great potential.
“For 18 years, we have been at the forefront of transforming the parking experience for millions of people, and with our merger with ParkHub, JustPark has soared to new heights.” “Our commitment to improving the parking experience for drivers continues, and with cutting-edge technology and unrivaled support, we intend to revolutionize parking for our customers and partners here in the UK and across North America.”
Monetize unused parking spaces by matching drivers with available parking spaces
ParkHub provides parking operators and venue managers across North America with a complete parking technology ecosystem to optimize revenue-driven parking operations, including facilitating payments and providing real-time business insights. Offers. We serve the nation’s largest sports and entertainment venues, universities, municipalities, and commercial property owners.
The companies said JustPark will continue to use its technology to power online marketplaces in the UK by matching drivers with available parking spaces and monetizing unused parking spaces. Together, the companies serve more than 20 million drivers and more than 500 B2B customers, with bookings exceeding $1 billion.
JustPark’s Mr Eskinazi will continue to lead the UK business.
Accelerating the transition from cash to digital payments
The companies believe that the accelerating transition from cash to digital payments and the growing adoption of prepaid parking have increased the need for an end-to-end platform that allows express parking facilities to more efficiently manage their parking operations. He said there was. Adding to this momentum, major ticket sellers are increasingly relying on partnerships with prepaid parking providers for on-venue and off-venue parking to improve admission and effectively manage parking reservations. It is designed to do so.
With this acquisition, ParkHub is positioned to take advantage of these industry trends by leveraging JustPark’s parking reservation and mobile payment capabilities.
“Both ParkHub and JustPark stand out as category-leading vertical SaaS and payments platforms in their respective markets, and the integration of these two complementary, yet distinct products contributes to the growing parking software and payments market. We are excited to help accelerate their growth,” said Kyle Griswold, Partner at FTV Capital. “We are also excited about the opportunity to partner again with both Jeff and LLR. We have extensive experience in growth and expansion.”
“We are pleased to announce our partnership with JustPark and to partner with Anthony and the entire JustPark team. Together, we continue to provide our customers and partners with industry-leading parking software and payment solutions. ” said Ryan Goldenberg, Partner at LLR Partners. “Additionally, we welcome FTV Capital to the ParkHub Board of Directors and look forward to a successful strategic partnership.”
As part of this growth investment, Kyle Griswold and FTV Capital principal Adam Hallquist have joined ParkHub’s board of directors, the companies said.
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