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ParkHub and JustPark Agree to Merge Alongside Strategic Growth Investment from FTV Capital and LLR Partners

March 21, 2024

 

 

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.

DALLAS and LONDON – March 21, 2024 – 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.

New partnership sees more than 100,000 JustPark spaces made available to book via Parkopedia

August 24, 2023

 

 

New partnership sees more than 100,000 JustPark spaces made available to book via Parkopedia

 

 

 

  • Users and connected car drivers with integrated Parkopedia services can find, reserve and pay forJustPark’s 100,000 spaces across the UK as part of a smoother and more complete parking experience
  • As part of the roll-out, JustPark’s extensive network of on- and off-street parking spaces will become visibleand payable through the growing number of UK connected cars that have Parkopedia in-car services and through the Parkopedia website and mobile apps
  • New partnership means increased visibility for JustPark’s inventory partners, with spaces visible to Parkopedia’s millions of UK users, driving additional awareness and footfall

 

24 August 2023 – London, UK

 

Two of the world’s leading parking technology companies, Parkopedia and JustPark, have confirmed a partnership which will provide motorists across the UK with an easier and more complete way to find, book and pay for parking. Parkopedia’s platform, which enables connected car drivers to search for convenient local parking, now hosts JustPark’s available parking locations, enabling drivers to book and pay for on-street and off-street parking through their vehicles, in addition to via Parkopedia’s popular consumer website and mobile apps that are used by millions of drivers each month.

 

Integrating JustPark’s available parking spaces will see Parkopedia build its footprint of pre-bookable parkingin the UK while increasing the exposure for JustPark’s parking inventory to millions of Parkopedia’s UK users. This gives drivers more parking options to suit their needs and creates additional revenue opportunities for JustPark’s network of space owners.

 

JustPark’s locations are a combination of commercial parking operations, such as public on-street, multi-storey commercial car parks, shopping centre and hotel car parks and less traditional, community parking spaces.

 

Parkopedia’s connected car drivers will be able to pre-book JustPark’s reservable locations and pay on-demand for on-street parking at selected locations through their navigation system, making payments using their in-car wallet – meaning there will be no requirement to use their phone or bank card to make a payment.

 

Anthony Eskinazi, Founder and CEO of JustPark, said: “Parkopedia offers an outstanding service to motorists around the world, allowing them to seek out the best parking on offer to them. This landmark agreement allows more than 100,000 of JustPark’s extensive collection of parking locations to be seen by Parkopedia’s considerable UK audience, while enhancing its users’ experience by offering even more parking options and the ability to bookand pay for our spaces on the platform for the first time.”

 

Commenting on the new partnership, Founder and CEO of Parkopedia, Eugene Tsyrklevich, added: “This new partnership with JustPark adds to Parkopedia’s already extensive bank of parking locations, offering UK drivers the greatest choice and convenience possible, with the benefit of Parkopedia’s seamless in-car Payment Platform for reservations and payments. By combining our technology and enabling in-car payments, Parkopedia and JustPark continue to reduce the stress associated with finding and paying for parking. This should also ease the third of all inner city congestion that is currently attributed to those looking for parking by enabling smoother journeys with simpler parking planning and reservations.”

About Parkopedia

Parkopedia is the leading connected car services provider used by automakers, organisations and millions of drivers around the world. Parkopedia helps drivers find and pay for parking, EV charging, fuel and tolls across 90 countries. Parkopedia is also developing highly detailed parking maps and corresponding algorithms to help drivers and self-driving vehicles navigate to an open parking space indoors. Visit business.parkopedia.com for more information.

About JustPark

JustPark, established in 2006, is the UK’s favourite parking app, parking a car every 2 seconds. With 12 million drivers and more than 100,000 spaces – including 50,000 private parking spaces and some of the UK’s biggest councils and car parking companies, JustPark markets and monetises both unused driveways and car park capacity, benefitting drivers and creating revenue for space owners.

Parkopedia Media Contact

Adam Calland Marketing Director

T: +44(0)7838219129

E: adam.calland@parkopedia.com

JustPark Media Contact

Sarah Jackson

T: +44(0)7306256148

E: Sarah.jackson@justpark.com