Cloud-based parking management platform, FLASH has reportedly acquired Ticketech, a company based in New York City that offers data-driven parking management solutions.

Although the terms of the deal were not revealed, the two firms valued New York City's parking market at around $22 billion, twice the size as compared to the Chicago and Los Angeles markets, and said that it accounts for around 17.5% of the yearly U.S. parking revenue.

As per a joint statement, Ticketech has supported attended valet operations in New York City since transforming parking revenue control in the year 1970. It further added that Ticketech develops more than 20 million transactions at 700 parking locations per year.

The digital platform and automated recognition vehicle system of Ticketech simplify a mobile-first and seamless parking experience.

In addition, the firm maintains key collaboration and integration with payment providers, accounting systems, and other major shareholders.

Founded in 2011, FLASH manufactures software designed to allow owners of parking accommodations to maximize usage via centralized systems, among other things.

Dan Sharplin, CEO and chairman of FLASH stated that when FLASH was established, the parking industry was slated to transform, and digital mobility platforms were budding. The firm is speedily future-proofing the urban mobility infrastructure by offering a cloud-based, agile, and mobile-first platform for the opportunities facing drivers, asset owners, utilities, and parking operators.

Diego Cuenca, Ticketech CEO, said that the firm's existing and upcoming use of technology would range from digital payments and camera-based machine vision to the production of connected and electric vehicles.

Based in Austin-Texas, FLASH has more than 10,000 customer locations in Canada and the United States. It currently serves around 11 million parkers every month who produce $1 billion in annual transactions.

Furthermore, FLASH has secured over $314 million from investors still date and has made eight acquisitions in the past 21 months.

Source Credit - https://www.pymnts.com/acquisitions/2022/parking-software-provider-flash-acquires-ticketech/