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Nayax Acquires US Smart Parking Firm IPS Group for $350 Million, Expands Market Reach
Israeli fintech Nayax is acquiring US smart parking company IPS Group for $350 million, expanding into smart parking solutions and increasing its market potential. The deal is expected to close in Q4 2024, with Nayax financing it through cash and new debt.
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What happened
- 01Nayax acquires US smart parking firm IPS Group for $350 million in cash.
- 02The deal expands Nayax's market potential by $85 billion to $342 billion by 2029.
- 03Nayax will fund the acquisition with $150 million debt and $200 million cash reserves.
- 04IPS manages over 250,000 parking spaces across the US, UK, Ireland, and Canada.
- 05IPS expects $90 million revenue in 2024 with 60% recurring revenue and $21 million adjusted EBITDA.
- 06Nayax forecasts $8 million annual EBITDA synergies by 2029 through payment integration.
IPS will continue operating under its current management in San Diego.
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