Passport Announces Acquisition of ParkX
Passport Announces Acquisition of ParkX
Wilmington, DE – December 7, 2016 – Passport Inc., the industry’s largest mobile payment provider for parking and transit, today is pleased to announce its acquisition of ParkX, a mobile payment for parking provider based in Scottsdale, Arizona. As part of the acquisition, Passport will assume the firm’s contracts and company assets. The acquisition of ParkX further expands Passport’s footprint supporting more of the top 100 cities across North America with mobile payments than any other provider.
“We couldn’t be more excited to welcome the ParkX team which shares our same dedication and passion to bringing creative solutions to the industry,” said Bob Youakim, CEO at Passport. “The addition of ParkX accelerates our rapid growth bringing mobile payment technology to cities around the world. We will continue to look for acquisition opportunities that complement Passport’s platform.”
Cities are evolving to meet the growing expectations of the modern consumer in which smartphones, connected technologies, and social networks have created an on-demand economy. Passport provides innovative solutions as a visionary leader to help cities meet these demands and to be a technology enabler for their initiatives. Top cities across North America, including Chicago, Toronto, Boston, Miami, and Detroit, have chosen Passport to revolutionize the transportation experience for drivers and passengers.
“To see an idea turn into a company that is now joined with Passport, the industry’s clear leader, is one of the best outcomes you could set out to achieve,” said Ross Shanken, Co-Founder and CEO at ParkX. “Their team’s thought leadership and execution capabilities are unparalleled in the industry. We’re looking forward to this next chapter and bringing the latest in transportation technology to the existing ParkX clients.”
Together, Passport and ParkX will continue to provide the service today’s mobile consumer expects while bringing a wealth of additional services and features to ParkX’s existing clients. Upon completion of the acquisition, fifteen new markets will be supported by Passport’s platform, including Austin, TX.
“The City of Austin is an exciting place where digital technology and ideas are celebrated. Our partnership with ParkX was a move in the right direction to provide mobile services to our drivers and we are excited to continue that path with Passport, a proven technology partner to cities across the country,” said Steve Grassfield, Parking Enterprise Manager at the City of Austin.
Passport’s software platform provides diversified technologies for parking, transit, and enforcement operations and has plans to further its international presence in the coming months.
About Passport
Passport is North America’s leading mobile technology company specializing in enterprise business applications and payments for the public and private sector. Passport’s product lines–parking payments, transit payments, enforcement and permit management–collectively serve to deliver dynamic tools for agencies to better connect with their communities. Its services have been adopted by over 20 of the top 50 cities in North America and over 2,000 locations including Chicago, Toronto, Boston, Portland, Detroit and Miami. Passport’s mission is to reduce operational complexity and deliver intelligent data to improve decision making for its clients.
Passport is backed by group of investors, including Grotech Ventures, Relevance Capital, and MK Capital. For more information, please visit www.passportinc.com.