Digital Payment Technologies Corp, a Burnaby, B.C.-based provider of multi-space pay stations and cloud-based enterprise software for the parking industry, is to be acquired by T2 Systems Inc, a technology-focused parking systems specialist with headquarters in Indianapolis, Indiana. The transaction, the full value of which was not disclosed, is expected to be completed in the first quarter of 2014. Digital Payment Technologies is a portfolio company of C.A. Bancorp (TSX: BKP), a Toronto-based merchant bank and alternative assets manager. Last year, C.A. Bancorp was bought by CDJ Global Catalyst LLC.
T2 and DPT Create Combined Enterprise
Indianapolis, IN – January 3, 2014 – T2 Systems and Digital Payment Technologies (DPT) today announced the execution of a definitive agreement for T2’s acquisition of DPT. The combination of the companies is expected to close in the first quarter of 2014 subject to DPT shareholder and Canadian regulatory approval.
This agreement brings together two leaders in the parking industry who have worked closely together for many years. T2 and DPT will each continue to fully support and deliver their respective products, services and solutions to their customers, resellers and partners. In addition, the companies will now be able to offer enhanced parking enterprise data analytics for municipalities, universities, hospitals, owners and operators, as well as a broader set of consumer solutions.
“The commitment to supporting customers’ needs is fundamental for both T2 and DPT, and that will only be strengthened as a result of this transaction. T2 and DPT will continue to work with all of our partners to ensure that our customers have the solutions they need to achieve their business objectives,” commented David Sparks, President & CEO of T2 Systems.
“This combination of two respected companies in the parking industry will create new and exciting opportunities for our clients, partners and employees. DPT is proud to be part of the T2 team and looks forward to an exciting future,” said John Fraissinet, CEO of DPT.
Upon closing, T2 and DPT operating leadership will remain in place. David Sparks, T2’s President & CEO, will also fill the role of CEO of DPT.
Started in 1994, T2 Systems is a technology-focused parking system provider with deep roots in the evolving parking industry. This commitment is evident in T2’s quality products and services, thought leadership and strong customer relationships. With its proven, unified solutions, T2 Systems is trusted by close to 400 organizations in the US and Canada including universities, cities, towns,
hospitals and parking operators. T2 Systems is headquartered in Indianapolis, Indiana and has virtual offices throughout the United States and Canada. For additional information about T2 Systems, Inc. products and services, visit www.T2systems.com.
Digital Payment Technologies (DPT) is a leading provider of “smart” multi-space pay stations and cloud-based enterprise software for the parking industry. DPT products provide complete financial tracking, control, and reporting on parking revenue collected by cities, municipalities, universities, private operators, and national parks, from customer payment through to bank deposit.
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