Pamlico Capital has made a USD28 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 US 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," says Simmons. "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 maximise parking revenue and utilisation 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 endeavours."
Pamlico Partner Walker Simmons, says, "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 capitalise on the favourable 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).