Nayax Ltd. agreed to acquire IPS Group, Inc. for $350 million in cash, the companies said on Monday. The Israeli smart parking technology provider will fund the transaction with available cash and about $150 million in new committed debt.
IPS Group operates more than 250,000 parking spaces across the United States, the United Kingdom, Ireland, and Canada, offering integrated payment systems for municipalities, universities, and private operators. The target generated estimated 2026 revenue of more than $90 million, with over 60% recurring revenue and organic growth of roughly 20% versus fiscal 2025.
Nayax expects the acquisition to be accretive, with run-rate synergies projected to exceed $8 million by 2029. These savings will stem from migrating IPS payment volume to Nayax’s processing infrastructure and expanding into new markets, including Continental Europe. IPS’s adjusted EBITDA for 2026 is estimated at about $21 million, implying a purchase multiple of roughly 17 times.
The deal is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions. Nayax’s net leverage is projected to be about 3.8 times at closing, improving to below 3.0 times by the end of 2027. IPS’s executive team, led by CEO Chad Randall, will continue to operate the business from San Diego.
Nayax, listed on the NASDAQ and TASE under ticker NYAX, did not include the acquisition in its current 2026 guidance. Financial advisors for Nayax include Jefferies LLC, while Harris Williams advised IPS Group and Windjammer Capital Investors. Legal counsel for Nayax was provided by Reed Smith LLP, and Kirkland & Ellis LLP advised IPS and Windjammer.
