Nayax Ltd. agreed to acquire IPS Group, Inc. for $350 million in cash, expanding its smart infrastructure footprint with single- and multi-space parking meters, mobile applications, enforcement systems, payment platforms and data analytics. The transaction, structured on a cash-free and debt-free basis, is expected to close after Windjammer Capital’s five-year ownership of IPS concludes.
IPS, headquartered in San Diego, operates across North America, the United Kingdom and Ireland, serving municipalities, universities and parking operators. The company’s platform integrates payment, monitoring and enforcement solutions, a shift from its origins in smart meter manufacturing.
Windjammer Capital, a private equity firm with more than $3 billion in committed capital, acquired IPS from family owners in December 2020. During its ownership, Windjammer said IPS expanded its addressable market and increased its recurring revenue base. Windjammer served as seller in the transaction, with Harris Williams acting as financial advisor and Kirkland & Ellis providing legal counsel.
Nayax, listed on the NASDAQ and TASE under the ticker NYAX, did not disclose financing details for the deal. The acquisition follows IPS’s expansion under Windjammer, which included more than 60 platform investments and over 200 strategic add-ons since inception. The transaction is scheduled to close after regulatory and shareholder approvals.
