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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based T2 Systems Inc. announced Friday that it has acquired Digital Payment Technologies, another parking software firm headquartered near Vancouver, British Columbia.
Financial terms were not disclosed, and T2 Systems did not immediately respond to messages. T2 Systems said its new CEO, David Sparks, would be CEO of the combined companies, but that operating leadership would remain in place in both locations.
The deal, which combines two of the larger leaders in the segment, is expected to close in the first quarter.
T2 Systems has been prepping for growth since it raised a $28 million investment from Pamlico Capital of Charlotte, N.C., in 2012.
Sparks was recruited in October from TransCore LP, a Harrisburg, Pa.-based transportation software developer he founded, to replace T2 Systems co-founder and CEO Mike Simmons, who felt the company had outgrown his ability to shepherd it to a significantly larger size.
The company has about 140 workers, including 75 in Indianapolis.
The last time T2 Systems reported revenue, in 2010, it had $20.5 million, up from $12.4 million in 2007.
Last year, the company’s growth fell short of hiring and investment goals it promised the city of Indianapolis in 2007 in order to receive tax abatements.
Simmons, who started the company in 1994, told IBJ in October that he planned to take a year off beginning Jan. 1 in order to relax and refocus.
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