Indianapolis-based T2 Systems Inc. announced on Friday that it has received a $28 million private-equity investment from Pamlico Capital in Charlotte, N.C.
Founded in 1994, T2 Systems Inc. makes software to manage fee collections and enforcement for parking violations for universities, governments and hospitals.
CEO Mike Simmons will retain “significant” ownership of T2 Systems and will continue to manage the company along with Pamlico and the existing senior management team, the companies said in a press release.
T2 said it intends to use the additional funds to expand.
The company, which has about 115 employees and more than 360 customers, had revenue of $20.5 million in 2010.