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The combination will expand Israel-based Nayax’s reach by adding the 250,000 parking spaces San Diego-based IPS controls in the U.S. and Canada, as well as in the United Kingdom and Ireland. The locations include city street spaces as well as college-campus and commercial slots.
IPS manages the spaces through smart meters, which can handle digital payments, provide data for lot owners, and offer enforcement capabilities. IPS’s revenue is expected to total more than $90 million this year, of which about 60% is recurring, according to the company.
The merger with Nayax, which operates in more than 120 countries, should expand IPS’s market reach substantially, adding an estimated $85 billion to Nayax’s addressable processing market, according to the company’s estimates, while also introducing potential cross-sell arrangements.
“IPS fits perfectly into our M&A playbook,” Aaron Greenberg, Nayax’s chief strategy officer, in a statement. “We seek companies in verticals where payments and software work together, using our payment stack and infrastructure to take these businesses global.”
Besides parking, Nayax lately has pursued a strategy of providing payment capabilities for EV charging stations. In June, the company announced a deal with Tellus Power Global Ltd. to provide integrated payments technology for Tellus charging equipment.
In a related development, the processor WEX said it will work with Driivz, a developer of EV charging software, to offer a simplified billing process for EV fleets. Through the collaboration, drivers that use WEX’s DriverDash mobile app or the company’s RFID card will be able to charge at public charging ports managed by Driivz.
The upshot is that the integration between WEX and Driivz will allow drivers to access charging stations across networks without the need to maintain separate accounts, according to Driivz.
