ParkHub and JustPark Agree to Merge Alongside Strategic Growth Investment from FTV Capital and LLR Partners
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The merger between ParkHub and JustPark is a strategic move that taps into the growing trend of digitalization within the parking industry. By combining their technologies and customer bases, the new entity is poised to offer a more comprehensive suite of services, potentially streamlining operations and enhancing user experiences. This consolidation could lead to greater market penetration and a stronger competitive position, particularly as cashless and prepaid parking solutions become more prevalent.
For investors, the key interest lies in the potential for increased market share and revenue growth. The combined entity's expanded geographic footprint now covers both North America and the United Kingdom, which may lead to diversified income streams and reduced market-specific risks. Additionally, the backing by FTV Capital and LLR Partners provides not only capital but also strategic expertise in scaling vertical software and payment solutions, which could further enhance the company's performance.
The financial implications of this merger involve analyzing the $1 billion+ in booking volume that the joint operations of ParkHub and JustPark represent. This figure indicates the scale of the combined companies' current market presence and serves as a baseline for future growth projections. The investment by FTV Capital and LLR Partners suggests confidence in the merger's value creation potential. The synergy between ParkHub's parking management software and JustPark's parking reservations technology could lead to operational efficiencies and cost savings over time.
From a financial perspective, stakeholders should monitor the post-merger integration process closely, as it can significantly impact the realized synergies and the speed at which they are achieved. The companies' ability to cross-sell services to their existing B2B customer base could also be a critical factor in driving incremental revenue growth.
The parking industry is undergoing a significant transformation, driven by technological advancements and changing consumer preferences. The merger between ParkHub and JustPark reflects a strategic alignment with these industry tailwinds, such as the shift from cash to digital payments and the integration of parking solutions with primary ticketing vendors. The combined technology stack of both companies could offer a competitive edge in creating a seamless parking experience.
Investors and stakeholders should consider the technological integration challenges that may arise. The success of this merger will largely depend on the smooth interoperability of the two platforms and the ability to maintain service quality during the transition. The long-term success of the combined entity will hinge on its ability to innovate and adapt to the evolving digital landscape of the parking industry.
- Leading US parking solutions provider, ParkHub, and one of the UK’s leading app-based parking platforms, JustPark, agree to merge.
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Together, ParkHub and JustPark currently serve more than 20 million drivers and over 500 B2B customers, representing
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Combination of leading parking technology and payments providers creates robust end-to-end platform to serve entire parking ecosystem in
North America and theUnited Kingdom . - This growth acquisition is backed by FTV Capital and existing investor, LLR Partners.
"After 18 years at the forefront of transforming parking experiences for millions, our merger with ParkHub catapults JustPark to new heights," said Anthony Eskinazi, founder and CEO of JustPark. "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
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
“We are 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
The accelerating 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, we believe that ParkHub is well positioned to capitalize on these industry tailwinds 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 are thrilled to announce our combination with JustPark, and to partner with
As part of this growth investment, Kyle Griswold and Adam Hallquist, principal at FTV Capital, joined ParkHub’s board of directors.
About ParkHub
ParkHub is the leading integrating software, payments, and data insights provider for the North American market. ParkHub solutions include multiple payment options, real-time operational data, robust performance analytics, dynamic pricing, and is the industry leader in seamless integrations with the nation’s renowned ticketing and parking reservation providers. For more information, visit ParkHub.com.
About JustPark
JustPark, established in 2006, is the UK’s favorite parking app, parking a car every 2 seconds. With 13 million drivers and more than 250,000 spaces – including 50,000 residential spaces and some of the UK’s biggest councils and car parking companies, JustPark markets and monetizes both unused driveways and car park capacity, benefitting drivers and creating revenue for space owners. Their investors include Index Ventures, LocalGlobe, Itochu and 10,000 retail investors via Crowdfunding.
About FTV Capital
FTV Capital is a sector-focused growth equity investment firm that has raised
About LLR Partners
LLR Partners is a private equity firm investing in technology and healthcare businesses. We collaborate with our portfolio companies to identify and execute on key growth initiatives and help create long-term value. Founded in 1999 and with more than
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ParkHub
Jamison
jamison.moore@parkhub.com
(214) 937-9431
JustPark
Sarah Jackson
media@justpark.com
+44 7306 256 148
Prosek Partners on behalf of FTV Capital
Alexa Ottenstein
Pro-ftvcapital@prosek.com
646-818-9051
LLR Partners
Kristy DelMuto
kdelmuto@llrpartners.com
215-344-1372
Source: ParkHub
