Nayax Ltd. agreed to acquire IPS Group, Inc. for $350 million in cash, valuing the parking and mobility payment technology provider at roughly 17 times its projected 2026 adjusted EBITDA.
The transaction will be financed with existing cash reserves and approximately $150 million in new committed debt, according to the companies. Nayax anticipates net leverage of about 3.8 times at closing, with a target to reduce leverage to below 3.0 times by the end of 2027.
IPS Group operates more than 250,000 parking spaces across the United States, United Kingdom, Ireland, and Canada. The company’s executive team, led by CEO Chad Randall, will remain based in San Diego, California. Windjammer Capital Investors, IPS’s prior owner, will exit its stake in the transaction.
For fiscal year 2026, IPS expects revenue to exceed $90 million, with over 60% derived from recurring sources. Organic revenue growth is projected at approximately 20% compared with 2025, while adjusted EBITDA is estimated at roughly $21 million. Nayax anticipates run-rate EBITDA synergies of more than $8 million by 2029, driven by migration of payment volumes to its infrastructure and expansion into Continental Europe.
The acquisition is not reflected in Nayax’s current 2026 guidance. The deal is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions. Nayax, headquartered in Herzliya, Israel, is listed on NASDAQ and the TASE under the ticker NYAX.
Financial and legal advisors for the transaction include Jefferies LLC and Reed Smith LLP for Nayax, and Harris Williams and Kirkland & Ellis LLP for IPS Group and Windjammer Capital Investors.
