T2 Systems, a US-based parking management solutions provider, has signed an agreement to acquire Canada-based Digital Payment Technologies (DPT).
The acquisition, which is subject to DPT shareholder and Canadian regulatory approval, is expected to close in the first quarter of 2014.
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Following the acquisition, T2 and DPT will each continue to fully support and deliver their respective products, services and solutions to their customers, resellers and partners.
Additionally, the companies will now be able to offer enhanced parking enterprise data analytics for municipalities, universities, hospitals, owners and operators, as well as a broader set of consumer solutions.
T2 Systems said that the operating leadership of both the firms will continue while its president and CEO, David Sparks, will also serve as CEO of DPT.
Commenting on the acquisition, Sparks said: "The commitment to supporting customers’ needs is fundamental for both T2 and DPT, and that will only be strengthened as a result of this transaction.
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By GlobalData"T2 and DPT will continue to work with all of our partners to ensure that our customers have the solutions they need to achieve their business objectives."
