T2 and DPT Create Combined Enterprise
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.
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Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in North America. Pamlico Capital seeks control-oriented growth equity investments of up to $200 million alongside founders and proven leaders in its target industries: communications, healthcare, services and software. The firm, based in Charlotte, NC, has assets under management of approximately $4 billion. For additional information, please visit www.pamlicocapital.com.