Nayax Ltd. said it will acquire IPS Group, Inc. for $350 million in cash under a cash-free, debt-free agreement. The transaction, announced on Tuesday, is expected to close in the fourth quarter of 2026 pending customary regulatory and shareholder approvals.
IPS Group, headquartered in San Diego, provides smart parking solutions including single- and multi-space meters, mobile applications, enforcement and permitting systems, payment platforms, and data analytics. Its customers include municipalities, universities, and parking operators across North America, the United Kingdom, and Ireland.
Windjammer Capital, the private equity firm that acquired IPS from family ownership in December 2020, will exit the investment. Over the past five years, IPS expanded from manufacturing smart meters into a full-service parking platform with a stronger focus on recurring revenue, according to Windjammer.
Harris Williams acted as financial advisor and Kirkland & Ellis provided legal counsel to IPS and Windjammer. Windjammer manages over $3 billion in committed capital and has completed more than 60 platform investments and 200 add-on acquisitions since its founding.
Nayax, listed on NASDAQ under ticker NYAX and on the Tel Aviv Stock Exchange, did not disclose financing details for the deal. The company did not provide updated guidance regarding the transaction’s impact on its financials.
