CHARLOTTE — Charlotte-based Passport Inc. has acquired NuPark, a parking management technology company, for an undisclosed amount, to expand its parking business.
Passport is a software company that helps customers manage parking operations. The company’s mobile-first platform is used in more than 550 cities, universities and private operators around the world. The company has product lines that cater to parking, transit and tolling payments, parking enforcement and permit management.
Passport hopes to combine its mobile payment capabilities and NuPark’s management solution for enforcement and permitting, the release says. By combining with NuPark, Passport hopes to grow its client base and strengthen its ability to serve universities, hospitals and airports.
Passport acquires NuPark
As the transportation industry continues to change, cities and universities are forced to stay up to date with the introduction of new technologies and modes of transportations, the company said. These transportation administrators have to rely on these software-based solutions.
“With NuPark, we see an opportunity to create a differentiated offering for our clients, enabling them to further automate their operations under a single platform,” said Passport CEO Bob Youakim in a release. “Our technologies are very complementary, and we are aligned by a shared vision. We see this as a unique opportunity to fundamentally change the mobility space and the industry for the better.”
This move is part of Passport’s strategy to bring new solutions to the market, the release says. In the past year, the company has seen growth through its investment in international expansion, new product development and mergers and acquisition activity, leading to the company being listed as one of North America’s fastest-growing companies on the Inc. 5000 list.
Passport processes more than $2 billion in parking transactions annually.
Passport is backed by a group of investors that includes Bain Capital Ventures, Grotech Ventures, MK Capital and Relevance Capital
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
