Nayax Ltd. agreed to acquire IPS Group, Inc. for $350 million in cash, the companies said on Tuesday. The transaction, structured as debt-free and cash-free, is expected to close in the fourth quarter of 2026.
IPS Group, based in San Diego, provides smart parking infrastructure across North America, the United Kingdom, and Ireland. Its offerings include single- and multi-space meters, mobile applications, enforcement and permit solutions, payment systems, and data analytics for municipalities, universities, and parking operators. Under Windjammer Capital’s ownership since December 2020, IPS transitioned from a hardware-focused manufacturer to an integrated platform with a recurring revenue base.
Windjammer Capital, a private equity firm with over $3 billion in committed capital, acquired IPS from family management in late 2020. Since then, the company completed more than 60 platform investments and over 200 add-on acquisitions, according to Windjammer.
Ryan Pertz, managing director at Windjammer, said IPS built a leadership position with strong customer relationships and has evolved into a full-service provider over the past five years. "The company has expanded its addressable market and significantly shifted toward a more valuable recurring revenue base," he said.
Chad Randall, CEO of IPS, noted that the partnership with Windjammer enabled investments in new products, markets, and team development. Nayax, listed on the NASDAQ and TASE under the ticker NYAX, did not disclose additional financial or strategic terms. Harris Williams served as financial advisor and Kirkland & Ellis as legal advisor for IPS and Windjammer.
