Dallas-based ParkHub, a provider of parking management software and payments solutions, is merging with JustPark, one of the United Kingdom’s leading app-based parking reservations technology and payments platforms.
The deal will create a full-service parking software and payments solution for customers across North America and the United Kingdom. As part of this transaction, ParkHub said it 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’re excited to invest in JustPark’s vision to provide the world’s best parking experiences and look forward to leveraging the combined company’s capabilities for our marquee customers across North America and the U.K.,” ParkHub CEO Jeff Shanahan said in a statement. “Having successfully worked with FTV in the past, I’m confident that their track record and extensive expertise within the vertical software and payments space make them the ultimate value-add partner to complement LLR as we chart this next phase of growth.”
Across the pond, JustPark’s founder and CEO sees great possibilities.
“After 18 years at the forefront of transforming parking experiences for millions, our merger with ParkHub catapults JustPark to new heights,” Anthony Eskinazi, founder and CEO of JustPark, said in a statement. “Our dedication to improving the parking experience for drivers continues, and with our cutting-edge technology and unrivalled support, we’re set to revolutionize parking for our customers and partners both here in the UK, and now also in North America.”
Matching drivers with empty parking spots—and monetizing unused capacity
ParkHub provides a complete parking technology ecosystem to optimize revenue-driven parking operations, including facilitating payments and delivering real-time business insights for parking operators and venue management companies across North America. It serves some of the largest sports and entertainment venues, universities, municipalities, and commercial asset holders in the U.S.
The companies said that JustPark will continue to leverage its technology to facilitate an online marketplace in the U.K. by matching drivers with available parking spaces and monetizing unused parking capacity. Together, the companies serve more than 20 million drivers and more than 500 B2B customers, representing more than $1 billion in booking volume.
JustPark’s Eskinazi will continue to lead the U.K. business.
Accelerating the transition from cash to digital payments
The companies said that accelerating the transition from cash to digital payments and growing adoption of prepaid parking has precipitated a need for an end-to-end platform that helps high-velocity parking facilities more efficiently manage their parking operations. Adding to this momentum, primary ticketing vendors are increasingly relying on partnerships with prepaid parking providers for on- and off-venue parking to help improve ingress and effectively manage parking reservations.
With this acquisition, ParkHub said that it is well positioned to capitalize on these industry trends by leveraging JustPark’s parking reservations and mobile payments capabilities.
“Both ParkHub and JustPark stand out as category-leading vertical SaaS and payments platforms in their respective markets, and we’re excited to help these two complementary, yet distinct, offerings come together and accelerate growth in the expansive parking software and payments market,” said Kyle Griswold, partner at FTV Capital. “We’re also thrilled for the opportunity to once again partner with both Jeff and LLR. Jeff has been a leader at several successful FTV portfolio companies and has extensive experience growing and scaling vertical software and payments companies.”
“We’re thrilled to announce our combination with JustPark, and to partner with Anthony and the entire JustPark team. Together, we will continue to provide our customers and partners with industry leading parking software and payment solutions,” said Ryan Goldenberg, partner at LLR Partners. “In addition, we welcome FTV Capital to ParkHub’s board of directors and look forward to a successful strategic partnership.”
As part of this growth investment, Kyle Griswold and Adam Hallquist, principal at FTV Capital, joined ParkHub’s board of directors, the companies said.
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