ParkHub and JustPark Agree to Merge Alongside Strategic Growth Investment from FTV Capital and LLR Partners
- Leading US parking solutions provider, ParkHub, and one of the UK's leading app-based parking platforms, JustPark, agree to merge.
- Together, ParkHub and JustPark currently serve more than 20 million drivers and over 500 B2B customers, representing $1 billion+ in booking volume.
- Combination of leading parking technology and payments providers creates robust end-to-end platform to serve entire parking ecosystem in North America and the United Kingdom.
- This growth acquisition is backed by FTV Capital and existing investor, LLR Partners.
ParkHub, a leading North American provider of parking management software and payments solutions, today announced an agreement to combine businesses with JustPark, one of the UK's leading app-based parking reservations technology and payments platforms. The combination creates a full-service parking software and payments solution for customers across North America and the United Kingdom. As part of this transaction, ParkHub secured a strategic growth investment led by FTV Capital with participation from 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 UK, and now also in North America."
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, serving some of the largest sports and entertainment venues, universities, municipalities and commercial asset holders. JustPark will continue to leverage its technology to facilitate an online marketplace in the UK by matching drivers with available parking spaces and monetizing unused parking capacity. Together, ParkHub and JustPark currently serve more than 20 million drivers and more than 500 B2B customers, representing $1 billion+ in booking volume. JustPark's Eskinazi will continue to lead the UK business.
"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 North America and the UK," said Jeff Shanahan, CEO at ParkHub. "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."
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 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.
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 $6.2 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing. FTV's experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world's leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in 140 portfolio companies, including BillingPlatform, EBANX, Kore.ai, LoanPro, Ottimate, ReliaQuest, True Potential and Vagaro, and successfully exited/partially exited companies including CardConnect (acquired by First Data), Enfusion (NYSE:ENFN), Globant (NYSE:GLOB), InvestCloud (recapitalized), RapidRatings (recapitalized), Strata Fund Solutions (acquired by Alter Domus), Vpay (acquired by Optum) and WorldFirst (acquired by Ant Financial). FTV has offices in San Francisco, New York, Connecticut and London. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.
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 $6 billion raised across seven funds, LLR is a flexible provider of equity capital for growth, recapitalizations and buyouts. Learn more at www.llrpartners.com and follow the firm on LinkedIn.
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