Technology-focused parking system provider T2 Systems has acquired Vancouver-based Digital Payment Technologies.
T2, which was founded in Indianapolis in 1994, recently announced the execution of a definitive agreement for its acquisition of DPT, which is a provider of "smart" multi-space pay stations and cloud-based enterprise software for the parking industry. DPT products provide 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.
The combination of the companies is expected to close in the first quarter of 2014 subject to DPT shareholder and Canadian regulatory approval. T2 and DPT will each continue to fully support and deliver their respective products, services and solutions to their customers, resellers and partners.
"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," said David Sparks, 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.