Middle market private equity firm Pamlico Capital has sold T2 Systems to tech-focused private equity firm Thoma Bravo.
Terms of the transaction have not been disclosed.
Headquartered in Indianapolis, T2 Systems is a provider of parking management technology, including SaaS-based software, services, and hardware to universities, municipalities, and private operators.
Pamlico acquired T2 Systems in September 2011 in partnership with management. Over the last five years, Pamlico helped to build out the management team, adding key members like Adam Blake (president and COO), and complete two strategic acquisitions that broadened the company’s product portfolio and expanded its addressable market. The firm generated revenue growth of 25 per cent per year.
“Pamlico was great. They helped us achieve our strategic growth initiatives and pushed us to enhance our product capabilities,” says Mike Simmons, T2 Systems co-founder and CEO. “We have truly enjoyed our partnership with Pamlico and want to thank them for their support.”
“Our relationship with Mike Simmons and the T2 team are another example of why Pamlico loves founder owned investment opportunities. We really enjoyed working with the team and appreciate how successfully they scaled the business during our ownership,” says Walker Simmons, a partner at Pamlico.
“T2 Systems was a great investment for Pamlico, our limited partners, and most importantly the T2 management team. The company is well positioned in their market and will continue to capitalise on additional growth opportunities under Thoma Bravo’s ownership,” says Eric Wilkins, a partner at Pamlico.