Passport Advances Mobility Platform with NuPark Acquisition
Passport to combine NuPark's license plate recognition (LPR)-based technology with its mobility platform and payments capabilities
CHARLOTTE, N.C., Oct. 9, 2018 /PRNewswire/ -- Passport today announced it has acquired NuPark, a leading parking management technology company. NuPark's advanced LPR-based enterprise management solution for enforcement and permitting will help complement Passport's strong base of mobile payment solutions to create a comprehensive mobility platform. Approximately 1 in 3 vehicles in the United States are processed through the combined system network, making Passport and NuPark leading players in the transportation industry. The NuPark combination brings Passport's client count to over 550, and strengthens its ability to serve universities, hospitals and airports.
"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. "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."
The transportation industry continues to experience tremendous changes at an unprecedented pace. Cities, universities and operators are facing an incredible amount of pressure to keep up with technological change. New modes of transportation are introduced quickly, and citizen expectations continue to increase. The proliferation of new technologies means that transportation administrators need to rely on software-based solutions more, in order to support all modes of transportation and to drive higher efficiencies among their own operations.
"This combination accelerates our ability to empower our customers with next generation management solutions," said Kevin Uhlenhaker, NuPark CEO. "Our shared vision, to leverage technology to create a better customer experience and enable one-to-one connections, align perfectly. Ultimately our goal is to create transportation solutions that work and provide added value."
The addition of NuPark enables Passport to better serve clients by offering an integrated suite of software solutions, backed by the industry's strongest payments backbone, processing over $400M in transportation payments per year. From its very inception, Passport has brought cutting-edge solutions to parking, transit and tolling, and this acquisition will further help its expanding client base solve not only the challenges of today but also prepare for the ones of the future. "The NuPark acquisition will bring a passionate team of industry veterans with deep industry knowledge, to Passport's client base. Both of our teams share a drive to create innovative technology-based solutions for our clients," explained Youakim.
The NuPark acquisition is part of Passport's broader strategy to rapidly bring innovation and solutions into the market. In the past year, the company has seen explosive growth through its investment in international expansion, new product development and M&A activity, which led to its Inc 5000 recognition as the fastest growing mobility company in North America.
About Passport
Passport transforms the way cities manage their operations. The company's mobile-first platform has been adopted by more than 550 cities, universities, and private operators around the world in cities including Chicago, Toronto, London, and Miami, across more than 5,000 locations. Passport's product lines — parking, transit and tolling payments, parking enforcement, and permit management — enable organizations in the public and private sectors to streamline their operations, enhance customer service, and make data-driven decisions. Passport has been recognized as one of North America's fastest growing companies on the Inc. 5000 list and a Best Places to Work in Charlotte, North Carolina.
Passport is backed by a group of investors, including Bain Capital Ventures, Grotech Ventures, MK Capital and Relevance Capital. Learn more, or get in touch with Passport at passportinc.com.
Media Contact:
Christina Kyriazi
Director of Marketing
Passport
(704) 823-6624
[email protected]
SOURCE Passport
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