Herzliya, Israel-based Nayax Ltd, a commerce enablement, payments and loyalty platform, has agreed to acquire smart parking technology provider IPS Group in an all-cash deal worth $350 million.
Nayax is acquiring San Diego, California-headquartered IPS Group from Windjammer Capital Investors. The two companies say the deal brings together Nayax’s payments infrastructure and global distribution network with IPS’s smart parking hardware and software.
IPS has more than two decades of experience in payment-enabled smart parking technology, with an installed base of more than 250,000 parking spaces across the US, the UK, Ireland and Canada. Its platform spans parking meters, mobile and text-based payments, enforcement and permitting software, vehicle detection and curb data analytics. Nayax operates in more than 120 countries.
Curb and kerbside management
“Cities run some of the most demanding unattended commerce anywhere, with strict compliance requirements and infrastructure that must last a decade,” says Yair Nechmad, chairman and chief executive of Nayax. “Together with IPS we can give cities a unified platform for the curb and run parking alongside EV charging.”
Nayax says the acquisition lifts its addressable cashless commerce opportunity to approximately $342 billion by 2029, up from its current base by around $85 billion. The company has built its unattended commerce verticals around high-frequency, low-value transactions in which operators receive an end-to-end platform combining hardware, software, payments and loyalty tools from a single provider.
“IPS fits perfectly into our M&A playbook,” says Aaron Greenberg, chief strategy officer of Nayax. “We seek companies in verticals where payments and software work together, using our payment stack and infrastructure to take these businesses global. From hardware quality to payments strength, it is exactly the platform a combined Nayax-IPS represents.”
Deal terms and integration
The transaction has a total enterprise value of $350 million on a cash-free, debt-free basis, equivalent to approximately 17 times IPS’s 2026 estimated adjusted EBITDA before synergies, or around 12 times when factoring in run-rate synergies of more than $8 million expected by 2029. Those synergies are expected to come from migrating IPS’s payment volume onto Nayax’s own processing infrastructure, expanding into new markets including Continental Europe, and cross-selling EV charging services.
IPS’s estimated revenue for 2026 is put at more than $90 million, with more than 60% of that recurring, representing organic growth of around 20% compared with 2025. The company’s adjusted EBITDA for 2026 is estimated at approximately $21 million.
The deal is being funded with cash on hand and around $150 million of new committed debt, with net leverage of approximately 3.8 times at close expected to fall below 3.0 times by the end of 2027. IPS’s executive management team is expected to continue leading the business from San Diego. Closing is expected in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions.
“Over more than two decades we have built the most complete on-street solution in the market,” says Chad Randall, chief executive of IPS. “Joining Nayax will offer IPS the resources to expand globally and enhance our parking technology ecosystem offering for customers.”
Jefferies LLC is acting as exclusive financial adviser and Reed Smith LLP as legal counsel to Nayax. Harris Williams is acting as exclusive financial adviser and Kirkland & Ellis LLP as legal counsel to IPS Group and Windjammer Capital Investors.
