In All-Dallas Deal, Parking Tech Platform ParkHub Bolsters Its Payments Solutions

It's the latest in a string of deals struck by Dallas-based ParkHub. The move comes after ParkHub raised around $100 million in January in a growth investment round aimed at driving "complementary acquisition opportunities."

One of the country’s fastest-growing companies is continuing its streak with a new acquisition.

In an all-Dallas deal, parking technology provider ParkHub has acquired payment processing integrator Fuzse for an undisclosed amount.

“We’re thrilled to bring Fuzse into the ParkHub fold as we strive toward payments leadership in the parking industry,” ParkHub founder and CEO George Baker Sr. said in a statement. “The convergence point of our hardware, software, and payments solutions is where our customers compete and win with better customer experience and rich data to inform every decision.”

Deal strengthens ParkHub as a ‘driver of customer insights’

Working with businesses, municipalities, and venues like AT&T Stadium and American Airlines Center, ParkHub was founded in 2010 to provide the software and hardware to manage parking operations and payments, while providing analytics and insights to customers. Fuzse was launched six years later to help clients integrate payment processing solutions with mobile applications and e-commerce platforms. ParkHub said the deal will strengthen its position as a “driver of customer insights” in multiple industries.

ParkHub founder and CEO George Baker Sr. (left) and Fuzse executive Lane Conner, who will take on the role of president of payments at Park Hub after the acquisition. [Photos: Park Hub, Fuzse]

As part of the deal, Fuzse founder and CEO Lane Conner, who has helped found and lead numerous local payment-focused ventures, will take on the role of president of payments at ParkHub. Connor has served as an advisor to ParkHub since 2015.

“ParkHub is the ultimate platform for us to see how the union of hardware, software, and payments can take our customers on their journey of growth,” Conner said in a statement. “Continuous innovation in payments technology has been a big win for everyone: customers have their purchase experience optimized in better and more efficient ways, while the constant updating of a customer’s transaction history can give businesses unbeatable insights for driving their own product and service enhancements.”

ParkHub’s growth fueled by $100M investment

The move comes after ParkHub raised around $100 million from Philadelphia’s LLR Partners in a growth investment round in January that was aimed at driving software development and “complementary acquisition opportunities.” At the time, the company had about 70 employees.

This year marked the third consecutive year ParkHub has landed on the Inc. 5000, coming in at No. 3,588. While it didn’t disclose specifics, the company reported seeing 144% three-year revenue growth. To qualify for the list, companies were required to have a minimum revenue of $100,000 by 2018 and a minimum of $2 million by 2021.

ParkHub’s acquisition of Fuzse is the latest in a string of deals it’s made in the past few years. In 2019, following a $13 million Series B funding round led by Arrowroot Capital, the company acquired the enterprise business of Chicago’s SpotHero. Later that year, ParkHub acquired Connecticut-based Wireless Carpark in a move that it said increased its client base and foothold in the Northeast. Last year, ParkHub also made two acquisitions, scooping up local campground management and reservation platform Bonfire and Philadelphia parking payment platform CurbTrac.

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