T2 Systems attracts $28M investment from Pamlico Capital
Pamlico Capital and the management team of T2 Systems announced today that Pamlico has made a $28 million equity investment in T2 Systems, Inc. T2, founded in 1994, is a rapidly growing provider of unified SaaS (Software as a Service) parking management solutions in the U.S and Canada. CEO Mike Simmons will retain significant ownership of T2 and will continue to manage the growth of the company in partnership with Pamlico and the existing senior management team. Pamlico has also committed to investing additional expansion capital. Detailed terms of the transaction have not been disclosed.
T2 Systems is the only provider of a unified SaaS parking management solution for universities, municipalities, event facilities, hospitals and private parking providers. No other company in the industry offers the same breadth of solutions on a single platform including permit management, enforcement, PARCS (parking access and revenue control systems) and event parking. T2 solutions offer an information-centric approach with real-time data availability in a PCI-compliant hosting environment.
“We chose to partner with Pamlico because of its track record of supporting companies and entrepreneurs as a growth capital provider,” said Mike Simmons, T2 CEO. “T2 is poised to continue to grow as parking operations focus on unifying all operational and financial data in a single system in order to maximize parking revenue and utilization of parking assets, while delivering high-quality customer service demanded by today’s consumer. The expertise and resources Pamlico brings to our team will be critical assets in these endeavors.”
Pamlico Partner Walker Simmons said, “Our focus on making equity investments in growing and profitable industry-leading technology companies led us to T2. We were tremendously impressed by the caliber and breadth of the management team, as well as the opportunity T2 has to capitalize on the favorable trends in intelligent transportation and infrastructure markets.”
T2 was advised by Harris Williams & Co. (investment banker), Barnes & Thornburg LLP (legal advisor), and Katz Sapper and Miller (financial and tax advisor). Pamlico was advised by Alston & Bird LLP (legal advisor).
Marketing Communications Manager
T2 Systems, Inc.
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: business & technology services, communications, and healthcare. The firm, based in Charlotte, NC, has assets under management of approximately $4 billion. For additional information, please visit www.pamlicocapital.com.