UTS Technologies announces acquisition

Posted on: 21-December-2022
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Posted on: 21-December-2022
UTS

UTS Technologies, Ireland’s leading provider of parking meters, announces acquisition

Deal comes as UTS Technologies enters exclusive long-term agreement with global smart mobility technology provider, Flowbird, for the island of Ireland.

UTS Technologies, Ireland’s leading provider of parking terminals and technology, has been acquired by Valley Way Solutions with backing from DunPort Capital Management through its €50m Recovery and Growth Fund.

Since installing the very first single space on-street parking meter in Ireland in 1969, UTS Technologies, established by the Spring family and led by Jonathan Spring, has grown to become the leading supplier of on-street parking solutions to the Irish market and works directly with nearly all local authorities.

Through this acquisition, UTS Technologies now has access to the resources and expertise to transform the smart mobility market in Ireland, together with its technology partner, Flowbird.

A global one-stop-shop for smart mobility solutions, Flowbird operates in more than 4,350 cities in 80 countries, working with local Government to make mobility in urban areas simple, sustainable, and manageable.

Welcoming the acquisition, Sean Brogan, Chief Executive at UTS Technologies, said: “The Spring family and UTS Technologies were the original pioneers in revolutionising street parking in Ireland. The technology that we are now bringing to the Irish market will build on this legacy and, importantly, allow the business to move to the next level.”

UTS Technologies is already investing heavily in the next generation of Smart Pay and Display metering to include EV charging payment and control, air and noise monitoring, parking fine payment and de-clamping control, as well as number plate recognition which allows for tariffs by engine size or, indeed, ticketless parking.

It is also piloting app-supported smart parking which will support disabled drivers, using real-time data to direct them to suitable vacant spaces. This technology – a first in the Irish market – is designed to benefit local communities and allow for more effective transit control by local authorities.

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The acquisition of UTS Technologies is backed by DunPort Capital Management. Executive Director Ross Morrow said: ‘’We are delighted to support this deal. Supporting indigenous Irish companies with capital as they pursue their growth ambitions and scale is at the core of what we do. We believe that our support alongside a new strategic direction and leadership at UTS Technologies will transform how we think and interact with street infrastructure and urban mobility in Ireland.”

Jonathan Spring, UTS Technologies, said: ‘’As we enter a new generation of smart parking in Ireland, UTS Technologies is ideally placed to deliver a comprehensive suite of technology solutions to meet the needs of future urban mobility. Over the past three decades, UTS Technologies has always sought to be at the forefront of new solutions for parking. This acquisition gives us the necessary resources and expertise to expand our offering and range of smart mobility solutions. I absolutely believe that through this deal we now have the potential to transform the market in Ireland, not only bringing our cities, towns, villages, and streets in line with our European neighbours, but leading the way.’’

Thomas Harrington, Commercial Director at Flowbird (Ireland) said: “We are excited to be a long-term partner of UTS Technologies in Ireland and to work with the team in rolling out our end-to-end smart mobility solutions to the market. Over 100 million users per week across the globe already use Flowbird technologies and, with this new long-term agreement in place, we believe that Ireland’s potential as a centre for smart urban intelligence can be achieved.’’

DunPort Capital Management funded the deal from its €50m Recovery and Growth Fund, an ISIF-backed vehicle that provides flexible capital to businesses and sectors impacted by the COVID-19 pandemic.

CKS Finance acted as the main corportate advisors for the transaction, supported by Grant Thornton and Purdy & Co Solicitors.

ENDS

 

 

About DunPort Capital

DunPort are the leading provider of non-bank corporate and SME debt capital in the Irish market and an emerging player in the UK lower mid market with a demonstrable track record in both. DunPort are an Irish owned asset manager, founded in 2017 by the then senior executives of BlueBay Asset Management, Pat Walsh and Ross Morrow who successfully established the first private debt platform in Ireland in 2013.

https://www.dunportcapital.ie/

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