Parking Software Provider FLASH Acquires Ticketech

Cloud-based parking software firm FLASH has acquired Ticketech, a New York City-focused parking technology provider, the companies announced Wednesday (April 27).

Terms of the deal were not disclosed, but in a news release, the companies valued New York City’s parking market at $22 billion — twice the size of the Los Angeles or Chicago markets — and said that it accounts for 17.5% of annual U.S. parking revenue.

“Ticketech has powered New York City’s attended valet operations since revolutionizing parking revenue control in the 1970s,” the companies said in their announcement, adding that Ticketech processes more than 20 million transactions at 700 parking locations annually.

Per the release, Ticketech’s digital platform and automated vehicle recognition system facilitates a seamless, mobile-first parking experience. Additionally, the company maintains key integrations and partnerships with accounting systems, payment providers and other key stakeholders.

Flash, which launched in 2011, produces software designed to let owners of geographically dispersed parking facilities maximize usage through centralized systems, among other things.

“When we founded FLASH, the parking industry was poised for transformation, and digital mobility platforms were nascent,” Dan Sharplin, CEO and chairman of FLASH, said in a statement. “Today we are rapidly future-proofing urban mobility infrastructure by providing an agile, cloud-based, mobile-first platform for the opportunities facing drivers, utilities, asset owners, and parking operators.”

Meanwhile, Ticketech CEO Diego Cuenca said that the companies current and future use of technology will range “from digital payments and camera-based machine vision to the proliferation of connected and electric vehicles.”

Austin, Texas-based FLASH stated in the release that it has more than 10,000 customer locations in the United States and Canada serving more than 11 million “parkers” per month who generate $1 billion in annual transactions.

According to Crunchbase, FLASH has raised more than $314 million from investors during its lifetime and has made eight acquisitions in the past 21 months, including Ticketech.