FLASH Acquires NYC parking tech leader Ticketech
FLASH Acquires NYC parking tech leader Ticketech
Acquisition accelerates future-ready technology for Ticketech customers and integrates the end-to-end journey for drivers in the most dynamic mobility market on earth
NEW YORK, New York – April 27, 2022 – FLASH, the global leader in cloud parking software and mobility transformation, today announced the acquisition of Ticketech, the parking technology leader in New York City. The acquisition expands the network of customers running FLASH’s Mobility Hub Operating System and connects New York City’s $22 billion dollar parking market to the emerging mobility marketplace.
Ticketech has powered New York City’s attended valet operations since revolutionizing parking revenue control in the 1970s. Ticketech enables over 700 parking locations and processes over 20 million transactions per year for local parking operators, regional and national enterprise operators, and real estate owners. Their digital platform and automated vehicle recognition system allow for a seamless, mobile-first parking experience. They also maintain key integrations and partnerships with accounting systems, payment providers, demand aggregators, and other key stakeholders.
Launched in 2011, FLASH is the leading provider of cloud-born parking technology for managing parking, enabling digital driver engagement, and introducing new mobility services. FLASH gives asset owners and operators the tools to transform isolated parking assets into connected mobility hubs that connect to the emerging marketplace for digital mobility. FLASH’s adaptable software and future-ready hardware create seamless driver experiences to grow and diversify revenue with the lowest total cost of ownership in the industry. Real estate owners, parking operators, and cities leveraging FLASH’s platform are equipped to optimize supply and demand for urban mobility, eliminate the fragmented customer journey, and tackle the most pressing societal issues like congestion and pollution.
New York City is the most dense and mode-diverse mobility ecosystem in the world. With myriad ways of getting around comes complex challenges and potential solutions, ranging from congestion pricing, demand for reservable EV charging, and the inevitable expansion of personal mobility vehicles. The NY parking market is a juggernaut with a direct economic output of $22 billion annually, dwarfing Los Angeles and Chicago by two-fold, and accounting for 17.5% of the US parking industry’s annual revenue. Ticketech’s NY-specific solution combined with FLASH’s mobility hub operating system is the necessary integration layer to create a seamless ecosystem for every smart city stakeholder.
“When we founded FLASH, the parking industry was poised for transformation, and digital mobility platforms were nascent. Today we are rapidly future-proofing urban mobility infrastructure by providing an agile, cloud-based, mobile-first platform for the opportunities facing drivers, utilities, asset owners, and parking operators,” stated Dan Sharplin, CEO, and Chairman of FLASH. “New York is the most dynamic global mobility market and we see massive opportunity in modernizing the New York parking and mobility industry. Ticketech shares our vision and is the perfect partner to tackle this unique, sizable opportunity.”
“Ticketech’s mission is to empower parking providers and we are excited to continue this mission. From that perspective it’s business as usual – we put our customers and partners first. From digital payments and camera-based machine vision to the proliferation of connected and electric vehicles, we see this investment as an opportunity to strategically position our operator partners to capitalize on these technologies- delighting their parkers, while lowering overhead costs and increasing revenue. We’re looking to do more, better, and faster,” shared Diego Cuenca, CEO of Ticketech.
FLASH will accelerate Ticketech’s technology innovations and operations, in addition to investing and expanding the NY-based team to help Ticketech’s customers tackle New York’s unique mobility challenges. As the Ticketech platform evolves, customers can offer a complete end-to-end digital journey leveraging FLASH’s demand partnerships, integrations including Auto OEMs, and layering established mobility extensions for personal and fleet EV charging, private scooter fleets, rideshare staging/charging, and more.
“With FLASH we will accelerate a rapid and necessary evolution across New York’s mobility landscape, enabling the transformation and growth of Ticketech’s operator partners with a fully-digitalized, seamless experience for New York parkers, while also elevating job opportunities within the industry,” Cuenca continued.
Today, FLASH powers over 10,000 customer locations across all major U.S. cities and Canada, processing over 11 million parkers per month and over $1 billion in annual transactions. The terms of the deal were not disclosed.
FLASH is an innovator in the urban mobility space, helping businesses rethink one of their most valuable assets: the parking garage. Our award-winning cloud-born platform is custom configurable, secure, reliable, and grows alongside you as business or consumer demands evolve. Visit www.flashparking.com to learn more.
Founded in 1972, Ticketech’s integrated parking management and revenue control technology powers over 700 valet/attended parking facilities in the New York Metropolitan area, and serves real estate owners and parking operators throughout the Northeast. We empower our partners and their valets to provide the best possible parking experience. We are growing our team, enhancing our product, and would love for you to take a look at what we are doing at www.ticketech.com
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